Dormant Pre-Mine Ethereum Wallet Springs to Life After Nearly 10 Years

Whale Alert has spotted a notable development involving a wallet in the Ethereum blockchain. According to the data tracking platform, an Ethereum address that has been dormant for nearly ten years has activated. This address dates back to the pre-mine era of Ethereum.

Reactivated Ethereum Wallet Triggers Speculation

As per the update, the Ethereum address had 2,000 ETH stored in it, but it has been inactive for over a year. The value of the Ethereum asset has been placed at over $3.6 million.

Notably, a pre-mined address refers to wallets that came before Ethereum officially launched in July 2015. These pre-mined Ethereum coins were distributed to early investors and developers. This suggests that the wallet’s owner belongs to one of either category.

Although the reactivation has not been revealed, it could have been because the owner just regained access to the wallet.

However, the development has triggered debate among Ethereum community members, who are speculating on the reason for the reactivation. Others are concerned about its likely impact on the ecosystem.

Ethereum Faces Market Turbulence

One user, Jaba Jay, noted that the holder was late to the party. This likely refers to the value of Ethereum in the crypto market. Jay is highlighting that if the holder wanted to sell the Ethereum coins, he should have done it when the asset hit $3,800 in December last year.

Alva, however, noted that dumping 2,000 ETH in the current market would increase liquidity and create downward pressure on the coin. This development could trigger panic among investors and further worsen bearish pressure in the Ethereum market.

Ethereum has significantly declined, dropping 17.8% in the last 30 days. As of this writing, Ethereum has lost 1.20% in the last 24 hours to trade at $1,815. Investors have also become wary as trading volume slumped by 10.31% to $10.31 billion.

Ethereum’s Pre-Mine Controversy Resurfaces

Interestingly, pre-mine coins have always generated controversy in the broader investment community. Many argue that Ethereum’s launch was unfair compared with that of Bitcoin.

Bloomberg has also critiqued the Ethereum blockchain, claiming that the ecosystem has fallen short of its users’ expectations. The news platform accused Ethereum of underperforming due to its Layer-2 solutions and unchecked token creation.