Ethereum Whale Wakes Up After 8.5 Years, Sends ETH to Coinbase
An Ethereum (ETH) whale that has been dormant for over 8.5 years suddenly became active on Monday and transferred more than $773,000 worth of ETH to the popular US crypto exchange Coinbase. This unexpected move caught the attention of crypto enthusiasts and analysts.
The wallet in question is a pre-mine address, meaning it was created before the public launch of the cryptocurrency. The transaction was tracked by the crypto-tracking platform Whale Alert, which noted that this wallet had not been active for such a long period of time.
According to Arkham Intelligence, a blockchain tracking platform, the whale first sent a single Ethereum token to Coinbase. This was followed by another transaction where 237.748 ETH was sent to the exchange.
Lookonchain, another crypto tracker, highlighted that the address received the ETH during Ethereum’s initial coin offering (ICO) at a price of $0.31 per token. With the current price of ETH at $3,249, this translates to a staggering increase of 1,047,960% in value for the whale’s holdings.
Other Notable ETH Transactions
In addition to this significant transfer, Whale Alert has reported several other large transactions involving Ethereum recently:
- 8,426 ETH worth more than $27.2 million transferred from Binance to an unknown wallet
- 14,933 ETH worth more than $48.2 million transferred from Binance to an unknown wallet
- 23,361 ETH worth more than $75.1 million transferred from an unknown wallet to Binance
Arkham Intelligence also revealed that the unknown wallet involved in the last transaction belongs to a user of the non-fungible token (NFT) marketplace OpenSea.
ETH Price Movement
Following these transactions, Ethereum has experienced a price increase of over 2% in the past 24 hours. This sudden activity from a long-dormant whale has sparked curiosity and speculation among crypto enthusiasts.
Hot Take: What Does This Whale Activity Mean for Ethereum?
The sudden awakening of this Ethereum whale after nearly a decade of inactivity raises several questions and implications for the crypto market:
- Market Manipulation: Some may interpret this whale’s activity as an attempt to manipulate the market by injecting a significant amount of ETH into Coinbase. This could potentially influence the price and trigger a chain reaction among other traders and investors.
- Long-Term Holder: The fact that this whale held onto their ETH for such a long period of time suggests they have confidence in Ethereum’s long-term potential. This could be seen as a positive sign for the overall sentiment towards ETH.
- NFT Connection: The involvement of an OpenSea user in one of the recent large transactions indicates that NFT enthusiasts are actively participating in the Ethereum ecosystem. This highlights the growing popularity and adoption of NFTs.
As an Ethereum enthusiast, you should keep a close eye on these developments and monitor any further activity from this whale or other significant players in the market. Understanding market dynamics and staying informed about major transactions can help you make informed decisions as you navigate the world of cryptocurrencies.
Note: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.
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