According to U.Today, a dormant Ethereum wallet, which had been inactive for nearly nine years, has been reactivated. The wallet, which was premined, contains almost 2,000 ETH, equivalent to $5,876,786. This awakening comes after the Ethereum Foundation reactivated an ancient wallet of its own, transferring a substantial 2,000 ETH, valued at approximately $6.5 million, to a new blockchain address. This move has historically been met with negative market reactions.
In addition to these reactivations, Ethereum whale activity has seen a significant increase. This surge in activity coincides with the creation of approximately 139,560 new ETH wallets in a single day, April 29. This growth in addresses is the largest seen in the past year. This increase in activity followed a significant decline in the value of Ethereum, the second-largest cryptocurrency, which fell by 12.16% from $3,243 to the $2,960 zone. However, this dip was followed by a small rebound of 3.87%, providing an opportunity for traders to buy the dip and set up almost 140,000 new wallets, thereby expanding the network.
Crypto analyst Michael van de Poppe has suggested that Ethereum may drop to the $2,500 zone, but he does not believe that the crypto markets are likely to experience such a heavy correction. He added that 'most of the downside is already in.'