As per Whale Alert, these coins had been stored in the same address since July 30, 2015, shortly after the Ethereum network’s launch. After a few years, on February 2, 2024, a user initiated a test transaction of 0.5 ETH, followed by transferring 98 ETH back to the same address.
This sudden awakening of the dormant address has led crypto enthusiasts to ponder over the motives behind this unexpected action. Some hypothesize that the wallet owner may have stumbled upon a lost or forgotten seed phrase, prompting them to access and utilize the funds. Others speculate that a long-term ether holder chose to sell their assets for profit. Yet another theory suggests that the address’s revival is connected to the impending Dencun update and the anticipation surrounding the potential approval of a spot Ethereum ETF in the United States. These factors have the potential to act as significant catalysts for the growth of the second-largest cryptocurrency.
This incident is not an isolated occurrence. On January 22, Whale Alert reported the activation of another dormant address after eight and a half years, with 133 ETH worth $329,492 being transferred from it. Furthermore, on January 14, yet another address emerged from its hibernation period, as 200 ETH were moved, amounting to $506,140.
It is worth noting that last year, a significant ether holder, commonly referred to as a “whale,” transferred 8,000 ETH from an address that had remained dormant for a duration of approximately eight years. In July, a similar event took place when a dormant cryptocurrency whale moved 61,216 ETH from an inactive address after the same prolonged period of inactivity.