MEXCEthereum (ETH) Price Surges 3.66% Amid Ancient Wallet Activation
Highlights
- Ethereum's 3.66% price surge coincides with an ancient wallet reactivation, raising speculation on owner intentions.
- A whale withdrew 10,119 ETH from Binance, signaling bullish sentiment, accumulating 127,388 ETH since April 8.
- An Ethereum ICO participant sold 5,110 ETH, retaining 29.7K ETH across three wallets, for a total of $89.4 million.
The cryptocurrency market has witnessed a surge in Ethereum (ETH) price by 3.66% over the last 24 hours, reaching $3,175. This surge coincides with the reactivation of an ancient Ethereum wallet that had been dormant for nearly 8.7 years, according to data from the crypto tracker Whale Alert. The dormant wallet, holding 197 ETH valued at $622,685, has sparked intrigue and speculation within the crypto community.
Speculation Surrounding Dormant Wallet’s Activation
The sudden awakening of the long-dormant Ethereum wallet has prompted speculation regarding its owner’s identity and intentions. Some suggest the possibility of the owner rediscovering lost keys, while others speculate that it could be a strategic decision to “hodl” until now. The wallet’s anonymity adds to the mystery, with no clear indication of the early ETH adopter’s identity or the reasons behind its prolonged dormancy.
Some members of the crypto community speculate about potential market movements signaled by the activation of the dormant wallet. In contrast, others view it as a personal decision by an individual or entity. Despite these speculations, the exact reasons behind the wallet’s sudden awakening remain undisclosed, leaving the mystery surrounding it largely unsolved for now.
As Ethereum regained the $3,000 price mark, on-chain sources reported a significant withdrawal of 10,119 ETH worth $31.83 million from Binance. Withdrawals of this magnitude are often interpreted as a signal of intent to buy within the market. The whale behind the withdrawal has been actively accumulating ETH, purchasing 127,388 ETH worth $405.19 million from decentralized exchanges (DEX) and Binance since April 8. This activity indicates a bullish sentiment towards Ethereum, with the whale consistently buying at an average price of approximately $3,172.
ICO Participant Sells Ethereum Holdings
In a recent development, Coingape reported on an Ethereum whale who acquired ETH during the Initial Coin Offering (ICO) phase and subsequently sold a portion of their holdings. The whale, who initially acquired 33,213 ETH during Ethereum’s Genesis ICO in 2015, has deposited 5,110 ETH to Kraken or sold via DEX at an approximate price of $2,545. Despite this sell-off, the whale still retains a significant amount of ETH, holding approximately 29.7K ETH valued at $89.4 million across three wallets, primarily within staking platforms.
Read Also: XRP Lawyer Bill Morgan Criticizes SEC: Questions $2B Ripple Settlement
- Canary XRP ETF Filing Removes SEC Delay Clause, Targets November Launch
- CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement
- Senate Committee Finalizes Updated Crypto Market Structure Bill Draft, Release Expected In Days
- €648 Billion Nordea To Allow Customers to Trade Bitcoin-Linked ETFs
- Uphold Joins Gemini, Relaunches XRP Debit Card Following SEC Lawsuit Resolution
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
- Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
- Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
