A dormant ETH address that had been silent for nearly a decade suddenly came back into action, having $21.9 million worth of ETH. According to the Whale Alert data, this is the first pre-mine Ethereum address to be reactivated in June.
The awakening of the ancient crypto treasure has caused quite a stir among the Ethereum community on X with speculators wondering who could own such a wallet and what are their intentions with this huge amount of ETH.
Furthermore, prior to the official launch of Ethereum in 2015, there were pre-mine addresses. Through them, tokens were minted and distributed during Ethereum’s initial sale which allowed early supporters and investors to grab a piece before it was widely known as blockchain project at the time.
While the reasons behind its sudden revival remain unknown, it coincided with when Ether experienced an abrupt dip in price.
Last week witnessed ETH plunge close to an intraday low of $3,642 as the crypto markets reacted to the recent expected U.S. jobs report which reduced optimism about another immediate interest rate reduction by the Federal Reserve.