A dormant Ethereum (ETH) whale has come back to life after lying idle for more than three years. According to insights shared by crypto analytics platform Lookonchain, the once-dormant whale has deposited a total of 5,000 ETH, worth approximately $11.3 million, into Coinbase.
Typically, when deposits are made to cryptocurrency exchanges, it’s a sign of selling, and that seems to be exactly what this whale is doing. According to market data, Ethereum whales began accepting funds as early as 2017, when the price of Ethereum was $60.
The last time the whale received a major inflow was about three years ago, when it received a total of 25,398.1 ETH. At the current Ethereum market value of $2,281.29, the fund is worth $57,940,431.549.
When the whale woke up, it made at least two test transactions, outbound 0.07 ETH and inbound 0.067 ETH, a move that may have been intended to confirm that it was still involved. After transferring 5,000 ETH, the whale is now left with 20,398 ETH, worth about $45.88 million.
Reawakening dormant addresses is now popular
While the reawakening of Ethereum whale addresses suggests there are more hidden influential wallets within the network, the move could arguably become a trend as other major wallets in cryptocurrencies have also seen reawakened whale addresses.
As U.Today reported earlier, an ICO-era Ethereum address revived in late November and went on a wild sell-off exchange on Kraken. At the time, the whale sent 3,000 ETH to Kraken for potential liquidation, leaving behind 5,172 ETH worth about $10.7 million. In addition to Ethereum, dormant Bitcoin (BTC) addresses also feature prominently in these reawakening and liquidation trends.
