Dormant Ether Wallet Converts to $4.19M in Stablecoins
Another dormant Ethereum address has woken up from a slumber after four years. The wallet received approximately 2,594 ETH on November 27th, 2018, worth at the time $285,836.
In recent weeks, several whale addresses, which were previously inactive, had been waking up. This coincided with a slight positive change in the crypto market after weeks of slugging movement. Ethereum surged by a modest 3% over the past week, currently trading above $1,635.
According to data from blockchain intelligence platform PeckShield, the owner of the wallet address has already swapped 2,555 ETH for nearly $4.19 million worth of stablecoins. This included 965.78K USDT and 3.22 million DAI.
During the same period, another whale that had been dormant for two years woke up four days ago and transferred 10K ETH (worth around $16.5 million) out.
The wallet address then deposited 10K ETH (worth around $16.5 million) to Binance, OKX, and KuCoin via three addresses in the past four days. Data from Lookonchain revealed that the last transfer worth the same amount was made on September 19th.
Yet another significant Ethereum whale initiated the process of liquidating their ETH holdings.
Interestingly, this particular one had participated in the initial Ethereum token offering (ICO) back in 2014 and received a total of 254,908 ETH, which is now valued at approximately $422.6 million.
Out of this stash, the owner has recently deposited 6,000 ETH into the Kraken exchange, amounting to roughly $10 million in current value.
It’s noteworthy that when these Ethereum coins were initially acquired in 2014, each was worth a mere $0.31.
In addition to Ethereum addresses waking up, Bitcoin wallets also saw a similar resurgence.
One such received the stash of Bitcoin on October 19, 2017, when the flagship crypto was valued at roughly $11.8 million.
The BTC holdings have since surged to over $56 million, marking a significant return on investment.
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