A long-dormant Ethereum wallet just woke up after nine years. Blockchain tracker Lookonchain noticed the activity. The wallet owner moved 5 ETH, worth about $13,000, to the Kraken exchange.
This early investor struck gold back in 2014. They bought 2,000 ETH for only $620 during Ethereum’s initial coin offering (ICO). That sale raised $18 million and paved the way for Ethereum’s launch in July 2015.
When Ethereum started, early backers got 80% of all ETH. The Ethereum team and foundation kept the remaining 20%. Interestingly, just 100 accounts snapped up 40% of all ICO tokens.
Ethereum began life with 72 million tokens. Today, that number has grown to 120.3 million in circulation.
The Ethereum Foundation received the largest chunk of pre-mined coins and recently sold some ETH. Surprisingly, this sale didn’t hurt ETH’s price much.
This isn’t the first time an old ICO wallet has stirred. Earlier this year, another long-sleeping investor moved $9 million in ETH to Kraken. But such big transfers from old wallets are rare.
Ethereum’s Evolution: Old Wallets Stir Market as ETH Trades at $2,625
According to CoinGecko, ETH trades at $2,625, down 1% today and 4% over the past month. These old wallet movements often grab attention. They remind us of Ethereum’s humble beginnings and how much it’s grown. Few could have guessed that $620 would turn into millions back then.
For current investors, these stories can be both exciting and nerve-wracking. On the one hand, they show Ethereum’s massive growth; on the other, large sales from early investors could potentially shake up the market.
However, Ethereum has proven resilient. Despite occasional large sales and market swings, it remains the second-largest cryptocurrency. Its technology powers a vast ecosystem of decentralized apps and financial tools.
As Ethereum continues to evolve, with significant upgrades like the shift to proof-of-stake, many watch closely. Each awakening of an old wallet serves as a time capsule, connecting Ethereum’s past to its present and hinting at its potential future.
Related Reading | Ethereum Sees Massive Exchange Inflow, Sparking Sell-off Concerns
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