The owner of a dormant ethereum wallet that received 2,365 ETH during the token’s initial coin offering (ICO) has just transferred 1 ETH to a new address, on-chain data shows.
Wallet Owner Initiates a Transaction
According to on-chain data released by the blockchain analytics platform, Lookonchain, an Ethereum wallet that has been dormant since the initial coin offering (ICO) event of the world’s largest smart contracts network over seven years ago, has come alive again.
Per Lookonchain’s tweet, the wallet owner, which received 2,365 ETH during the ICO, has just sent 1ETH to a new wallet address.
The Surging Value of ETH
The tokens were valued at roughly $0.31 each when the wallet owner participated in the ICO. However, the price of ether has skyrocketed since then, giving the 2,365 ETH a value of over $4 million at current prices.
Ethereum’s Transition to Proof-of-Stake
Ethereum finally transitioned to the proof-of-stake (PoS) consensus mechanism via the much-anticipated Shanghai hard fork on April 12, ushering in renewed investor confidence and bullish momentum.
ETH Price Performance
The price of ether (ETH) is up by a decent 5.7% in the 30-day timeframe. The ETH price hit a high of $2,126 on April 17. However, the asset has dumped slightly since that time, exchanging hands for $1,847 at the time of writing. Despite its recent gains, ETH is still down by more than 61% since its all-time high of $4,878.26 reached in Nov. 2021, according to CoinGecko.
Conclusion
The awakening of this long-dormant Ethereum wallet holding a significant amount of ETH from the ICO era has sparked intrigue within the cryptocurrency community. The recent transfer of 1 ETH to a new address might signal that the owner is preparing for potential further transactions or simply keeping up with the evolving Ethereum ecosystem. With Ethereum’s transition to the proof-of-stake consensus mechanism and the ongoing market fluctuations, it remains to be seen how the owner will manage their cryptocurrency holdings and what impact this activity may have on the broader Ethereum market.
