“Whale Alert: Dormant Ethereum Whale Resurfaces with Thousands of ETH”
Whale Alert, the renowned blockchain investigator who tracks large cryptocurrency transfers and shares details on Twitter/X with the community, reported that a dormant whale has come back to life after being inactive for nearly nine years.
Old Ethereum Wallet:
The sleeping whale is on the move, carrying thousands of Ethereum.
The mentioned source discovered a pre-mining Ethereum address holding 11,640 ETH worth $26,489,720, which has been activated after 8.4 years, indicating its last use in late 2014 after the Ethereum team concluded its initial coin offering.
So far, the whale has transferred 500 ETH to a recently created wallet.
This transaction has sparked heated discussions within the cryptocurrency community, with various explanations proposed for this whale awakening, most of which include sarcastic comments or speculation about “paper hands.”
In the past month, several Ethereum wallets have been reactivated after years of inactivity, with massive amounts of Ethereum being sold. In early December, Ethereum, the second-most popular cryptocurrency, witnessed a significant surge of 10%, reclaiming the $2,377 price level. It seems that many whales have decided to start selling the Ethereum stash they purchased during the initial coin offering frenzy.
Despite experiencing multiple downturns, Ethereum has remained resilient above the $2,000 threshold.
Nevertheless, by December 10th, the cryptocurrency bounced back, losing the 10% gain it had achieved and then rising again, currently adding another 7.38%.
Arthur Hayes expects ETH price to reach $5,000.
It has been reported that BitMEX co-founder and former CEO, Arthur Hayes, sold his Solana (SOL) stash and bought an undisclosed amount of Ethereum. He also shared his expectation that the Ethereum price will reach the $5,000 mark, without specifying a timeframe, at least approximately.
READ MORE Glassnode Founders Highlight Ethereum's Critical Support Level
While Hayes recently purchased ETH, an unknown whale, according to a tweet from @lookonchain, a smart money tracker, profited 433 times from ETH trading, earning nearly $1 million. They sold 1 ETH for 293.8 million OMNI and then disposed of it, gaining 176 ETH. They now hold 155 million remaining OMNI in their wallet, generating a $1 million profit in a single day.
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