- An anonymous Ethereum investor has moved tokens valued at $116 million to the cryptocurrency exchange Kraken, after an eight-year period of inactivity.
- The assets, approximating 60,000 Ether, were acquired during the ‘Pre-Mine’ phase, when an Ether was priced between $300 and $400, making this transfer noteworthy given the current price of $1,900 per Ether.
Ethereum Whale’s Eight-Year Slumber Ends
In a noteworthy development in the Ethereum network, a dormant Ether investor, often referred to as a “whale” in the crypto parlance, has sprung into action after eight long years. This investor transferred Ether worth $116 million to Kraken, a popular cryptocurrency exchange. This sizeable movement of assets marks a sudden end to the long-standing inactivity of this Ethereum wallet.
The Ether tokens in question are from the Ethereum’s ‘Pre-Mine’ phase, a period in the lifecycle of a cryptocurrency before it is made available to the public. During this phase, investors can acquire tokens at a substantially lower price. It is estimated that the investor acquired these Ether tokens when they were valued between $300 and $400 apiece.
Today, with the Ethereum price standing at $1,900 per Ether, the value of these tokens has increased exponentially, enhancing the significance of this massive transfer. The transferred amount is estimated to be around 60,000 Ether, signifying the scale of this investor’s foresight and patience.
Whale Moves in Cryptocurrency – A Common Occurrence
While this sudden move after a long period of inactivity is undoubtedly significant, it is important to clarify that transactions of this magnitude are not uncommon in the cryptocurrency world. Whale movements often involve shifting coins for enhanced security, among other reasons. This particular transfer aligns with a similar pattern observed a few months ago, when eight-year-old Ether holdings were moved, underlining the continuous dynamism of the Ethereum network.
Understanding the reasons behind such substantial movements can be challenging, especially given the anonymous nature of the blockchain world. However, as observed in this Ethereum whale’s move, these transactions often reveal fascinating insights into the strategies and patience of large-scale investors in the burgeoning world of cryptocurrencies.
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