Dormant Address Comes to Life
On Tuesday, a dormant Ethereum address sprang into action, taking advantage of the recent surge in ETH prices. The wallet, inactive for nearly a decade, made its first transaction after ETH surpassed $3,200.
Pre-Mine Address Details
The address in question is a pre-mine address, meaning it existed before Ethereum’s official launch. On-chain data reveals that it received 238.75 ETH at Block 0 (the Genesis block). Given ETH’s negligible value at the time, this transaction may have been a test, worth only a few dollars.
Value Appreciation
Over the years, the value of ETH has skyrocketed. With ETH currently above $3,200, the wallet’s holdings have grown to over $770,000. This price increase likely prompted the wallet owner to re-enter the market.
Transactions and Destination
The wallet’s first transaction was 1 ETH to another wallet (“0x785c8E…3e77ED7c”). After confirmation, the entire wallet balance was transferred to the same wallet. The wallet remained dormant for 8.6 years before this activity.
The ETH ultimately ended up on Coinbase. Investors often send coins to centralized exchanges like Coinbase to sell them. Therefore, it’s possible that the investor intends to sell their coins. However, given the balance’s value of less than $1 million, its sale is unlikely to significantly impact Ethereum’s price.
Market Conditions
Despite this activity, Ethereum remains strong above $3,200, with bulls dominating the market.
