{"id":2452,"date":"2024-02-05T02:00:52","date_gmt":"2024-02-05T02:00:52","guid":{"rendered":"https:\/\/prendergast.net\/?p=2452"},"modified":"2024-02-05T02:00:52","modified_gmt":"2024-02-05T02:00:52","slug":"dormant-ether-address-awakens-after-85-years-realizing-a-11-million-profit","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=2452","title":{"rendered":"Dormant Ether Address Awakens After 85 Years Realizing A 11 Million Profit"},"content":{"rendered":"
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Dormant Ether Address Awakens After 8.5 Years, Realizing A $1.1 Million Profit<\/span><\/h1>\n

By Newton Gitonga<\/a> – February 4, 2024<\/p>\n

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In a surprising development, a dormant Ethereum (ETH) address, inactive for 8.5 years, has sprung to life, causing ripples in the cryptocurrency community.<\/p>\n

The mysterious address, containing 492 ETH, equivalent to a staggering $1,139,052, was brought to light by the popular crypto tracking service, “Whale Alert,” in a tweet on Friday.<\/p>\n

Since the launch of Ethereum on July 30, 2015, the coins have remained securely stored. Notably, on February 2, 2024, a test transaction of 0.5 ETH was seemingly initiated from the address as seen on Etherscan. Subsequently, a transfer of 98 ETH was executed, redirecting the funds back to the same wallet.<\/p>\n

The unexpected awakening of such a substantial amount of Ethereum raises numerous questions within the crypto community, leaving enthusiasts puzzled about the motives behind this sudden move.<\/p>\n

Various theories thrive regarding the owner’s intent, with one line of thought proposing that the address’s revival may stem from the recovery of lost or forgotten seed phrases.<\/p>\n

<\/p>\n

Alternatively, some posit that the long-term holder, otherwise known as a “hodler,” might have opted to liquidate their assets, enticed by attractive profits.<\/p>\n

Others have speculated that the awakening is fueled by upcoming upgrades on the Ethereum network as well as the potential approval of a spot ETH ETF, both of which are seen as potential catalysts for the cryptocurrency.<\/p>\n

That said, Friday’s occurrence, however, is not an isolated one. On January 22, the platform reported another case where a dormant pre-mine address containing 133 ETH worth $329,492 was activated after 8.5 years. Similarly, on January 14, another address containing 200 ETH worth $506,140 was reactivated after the same period of dormancy.<\/p>\n

Notably, the largest resurgence happened on December 23, when Whale Alert reported the activation of a dormant pre-mine address containing a staggering 11,640 ETH, equivalent to a jaw-dropping $26.5 million.<\/p>\n

Amidst these developments, Ethereum has demonstrated resilience in its trading performance, maintaining a nominal strength in the aftermath of a challenging January. Notably, ETH recently experienced a rebound from a pivotal support level of around $2,200.<\/p>\n

That said, a potential surge could propel it upwards to January highs of $2,700 with further sights on a formidable $3,400. Conversely, a downside shift may see the cryptocurrency sliding below $2,200, potentially dropping to around $1,790.<\/p>\n

ETH was trading at $2,320 at press time after a 0.56% surge in the last 24 hours.<\/p>\n

DISCLAIMER:<\/strong> None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.<\/p>\n

The original article written by Newton Gitonga<\/a> and posted on ZyCrypto.com<\/a>.<\/p>\n

Article reposted on Markethive by Jeffrey Sloe<\/a><\/p>\n

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing<\/a> at Commercial Funding International. **<\/strong><\/p>\n

<\/p>\n

Tim Moseley<\/p>\n","protected":false},"excerpt":{"rendered":"

Dormant Ether Address Awakens After 8.5 Years, Realizing A $1.1 Million Profit By Newton Gitonga – February 4, 2024 In a surprising development, a dormant Ethereum (ETH) address, inactive for 8.5 years, has sprung to life, causing ripples in the cryptocurrency community. The mysterious address, containing 492 ETH, equivalent to a staggering $1,139,052, was brought … Continue reading Dormant Ether Address Awakens After 85 Years Realizing A 11 Million Profit<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[122,119],"_links":{"self":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2452"}],"collection":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2452"}],"version-history":[{"count":0,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2452\/revisions"}],"wp:attachment":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}