According to Whale Alert, an ancient Ethereum address dating back to the pre-mine era was activated. This address remained untouched for nearly a decade, containing $3.7 million worth of Ethereum at the time of activation.
History and Significance of the Address
Close to 72 million tokens were distributed to early initial coin offering (ICO) investors, project contributors, and non-profits. The pre-mine has long been a point of controversy within the investment community, with some arguing that Ethereum's launch was not fair compared to Bitcoin.
Community Activity
The activation of the ancient address has sparked speculation within the community. Some assume that the long-time Ether holder is finally taking profits. A social media user quipped that the owner will see the price hasn't changed in 9 years.
Ethereum's Market Condition
This occurrence comes as the ETH/BTC pair plunged to yet another multi-year low of 0.021, having collapsed by roughly 40% during this year alone. Earlier this week, Bloomberg published an article arguing that Ethereum is struggling to deliver on its promises, with activity and fees moving to Layer-2 solutions identified as a key reason for the recent underperformance.
The activation of an old Ethereum address has reignited interest in the pre-mine issue and prompted lively discussions in the community. Meanwhile, Ethereum's current market condition remains under scrutiny by analysts and investors.
