Pre-Mine Ethereum Whale Wakes Up After 8 Years of Silence – U.Today

0

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
In an unexpected development, Whale Alert, a renowned blockchain tracking platform, has unveiled that a long-dormant pre-mine Ethereum address, which lay asleep for a staggering 8.1 years, has been reactivated. The address, previously containing 191 Ethereum tokens with a valuation of approximately $317,724, has sprung to life, sending ripples of intrigue across the crypto space.
💤 A dormant pre-mine address containing 191 #ETH (317,724 USD) has just been activated after 8.1 years!https://t.co/VJ7RgTzxz3

Related
Ether Futures ETF Approval Might Be Bearish for Market, Analyst Says

Pre-mining is the practice of mining and distributing cryptocurrencies prior to their official launch. The resurgence of this sleeping whale address marks a rare event, one that last occurred nearly three weeks ago at the close of July. A case in point, an Ethereum ICO participant, who had maintained silence for eight years, orchestrated a substantial transfer of 641 ETH, currently valued at around $1.07 million.
The crypto community remains divided over the significance of these reawakenings. The prevailing sentiment suggests that the resurgence may portend bearish market trends. This belief has garnered support from recent historical trends. For instance, following the previous instance of a similar whale reactivation in July, the ETH price plummeted by a staggering 20.42%.
The skeptics’ position finds further validation in the months spanning from May to mid-July, during which weekly awakenings of such dormant wallets precipitated a 17.3% decline in the ETH price.

Related
Ethereum (ETH) ETF Madness Can Cause Surge to New All-Time High

As the awakened whale navigates the current market landscape, the community should brace for potential fluctuations. All eyes are now fixated on the awakening whale and the cryptic tides it might usher in.
In this ever-evolving narrative of crypto trends, the reanimation of a pre-mine Ethereum whale after nearly a decade serves as a poignant reminder of the intricate interplay between early investors, market sentiment and the pulse of digital assets.

Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
Once a day we send:
Disclaimer: The opinions expressed here are not investment advice; they are provided for informational purposes only. The opinions expressed by our writers are their own and do not represent the views of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. We do not recommend investing money you cannot afford to lose.

source

Leave a Reply

Your email address will not be published. Required fields are marked *