The cryptocurrency market experiences a remarkable increase in Ethereum (ETH) value by 3.66% within the last 24 hours, currently at $3,175, due to the revival of a dormant wallet that has been inactive for 8.7 years.

Arousing Interest in the Crypto Community

The unexpected reactivation of an ancient Ethereum wallet, containing 197 ETH valued at $622,685, has sparked curiosity and speculation in the crypto community, as reported by the crypto tracker Whale Alert. The wallet's owner and intentions remain unknown, fueling intrigue and excitement.

Speculation on the Dormant Wallet's Resurrection

The sudden reemergence of the long-inactive Ethereum wallet has led to various theories about its owner and motives. Some speculate that the owner may have rediscovered their lost keys, while others suggest a strategic decision to hold onto their ETH until now. The wallet's anonymity adds to the mystery, with no clear indication of the early ETH adopter's identity or the reasons for its prolonged dormancy.

Market Movement or Personal Decision?

The crypto community is divided on the potential impact of the dormant wallet's activation on market movements. Some view it as a personal decision by an individual or entity, while others see it as a signal for potential market changes. However, the exact reasons behind the wallet's sudden awakening remain undisclosed, leaving the mystery unsolved for now.

ETH Whale Sells Portion of ICO Holdings

In a related development, Coingape reported on an Ethereum whale who acquired ETH during the Initial Coin Offering (ICO) phase and subsequently sold a portion of their holdings. The whale, who initially acquired 33,213 ETH during Ethereum's Genesis ICO in 2015, has deposited 5,110 ETH to Kraken or sold via DEX at an approximate price of $2,545. Despite this sell-off, the whale still retains a significant amount of ETH, holding approximately 29.7K ETH valued at $89.4 million across three wallets, primarily within staking platforms.