Dormant wallet springs back to life; moves pre-mined Ethereum stash worth $116mA historic crypto transaction occurred a few hours ago when a crypto wallet transferred over 61,000 Ether (ETH), currently worth $116 million, after a long slumber of eight years. This dormant account awoke with a splash, stirring the crypto community with speculation and curiosity.
Journey of a dormant giant
The crypto wallet, 0x8b, had been dormant since it acquired the Ether tokens in Ethereum‘s initial coin offering (ICO) in 2014. Blockchain data reveals this wallet transferred its entire treasure to another wallet, belonging to the prominent crypto exchange, Kraken. Interestingly, the original acquisition cost was a meager 31 cents per token during the ICOO, a far cry from today’s price that catapults the wallet’s value to over $116 million at press time.
This event has caused a considerable stir in the crypto community, as large movements from early participants are quite unusual. Also, the hefty transaction raises questions about the owner’s intentions – are they planning to sell, stake on an exchange, or diversify into other tokens?
The strategy behind the crypto whale’s move
This awakening comes at a time when several old wallets are making significant moves. Earlier this year, a few so-called “whales” or influential crypto investors, known for their substantial digital wallets, shifted millions worth of Bitcoin to exchanges or other wallets. The actions of these whales often wield considerable influence over token prices and investor sentiment due to the size of their holdings.
During Ethereum’s pre-mine period in June 2014, a sale event allowed early team members and co-founders to accumulate pre-mined Ether. At that time, Ether traded between $300-$400, making this wallet’s holdings worth roughly $20 million. The wallet’s owner, whose identity remains shrouded in mystery, exhibited a cautionary approach in handling this huge transaction. A trial transaction of 0.05 ETH was sent to the Kraken address before the full transfer, ensuring no funds would be lost due to any potential error.
This colossal transfer underscores the value of ‘hodling’, a crypto investment strategy emphasizing long-term accumulation. The owner of this Ether stash, acquired for just a fraction of its current value, is a testament to the potential of this strategy.
As the crypto industry witnesses this extraordinary event, the question of who this crypto whale is, and what their next move will be, hangs in the air.
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