From $620 to $6 Million: Dormant Ethereum Whale Wakes Up After 10 Years
Analysis
Price Impact
MedThe activation of a dormant eth whale introduces market uncertainty. while some such whales have staked their holdings (bullish), others have sold (bearish), leading to potential short-term price fluctuations.
Trustworthiness
HighThe information is based on verifiable on-chain data from whalealert, a reputable source for tracking large cryptocurrency movements.
Price Direction
NeutralThe awakening of a long-dormant whale can initially create a 'fear of dumping' leading to bearish sentiment. however, the article also notes instances of whales choosing to stake their funds and the pectra upgrade encouraging consolidation for staking, which is a bullish indicator. the specific intent of this 2,000 eth whale after activation is not yet clear, leading to mixed signals.
Time Effect
ShortAny immediate price reaction due to potential selling pressure or market speculation about the whale's intentions would likely be short-term. long-term effects depend on the aggregate behavior of these 'sleeping giants' and broader market trends.
Original Article:
Article Content:
Cover image via U.Today Read U.TODAY on Google News According to the data provided by WhaleAlert, a pre-mine address containing a total of 2,000 ETH ($5.9 million) was recently activated after more than 10 years of inactivity. Initially, the tokens in question were worth only $620. Advertisement In the first 14 days of the 2014 sale, the price was fixed at 2,000 ETH for 1 BTC. That investor paid exactly 1 Bitcoin (approx. $600 at the time) for that wallet. HOT Stories Morning Crypto Report: Ripple CEO Forces XRP Reality Check for Coinbase, Shiba Inu (SHIB) Soars 5%: Fakeout Next? $444 Million in Bitcoin Land on Binance Dave Portnoy Teases 'All In' Move if XRP Hits This Level Crypto Market Prediction: $2,500 Is Ethereum's Next Cushion, XRP Obviously Not Hitting $0, Bitcoin (BTC) H&S-Fueled Reversal on the Edge Key XRP Ledger Amendment Gets Activated Other notable activations Over the past two months, there has been a notable cluster of "sleeping giant" Ethereum wallets waking up. Advertisement On Dec. 1, an address with 40,000 ETH (roughly $120 million) emerged from dormancy after more than 10 years of inactivity. This entity transferred their funds to a new wallet and staked the entire amount on the Ethereum Beacon Chain. Instead of cashing out a 9,600x return, the owner chose to earn yield. card On Dec. 10, a whale sold a total of 850 ETH on Coinbase for roughly $2.8 million. The initial value in 2015 was roughly $263. The reactivation realized a gain of approximately 10,684%. Advertisement Smaller transfers to exchanges generally create short-term bearish sentiment due to fear of "OG" dumping. However, this group is shrinking. According to some estimates, only about 600 of these original Genesis wallets remain completely dormant (never touched). Every time you see a "Whale Alert" about transfers of long-dormnat ETH to exchanges, that number drops. As for staking, the Pectra upgrade has introduced MaxEB (Maximum Effective Balance), which raises the maximum limit for a single validator from 32 ETH to 2,048 ETH. Whales are likely moving funds now for the sake of consolidation. #Ethereum News