An ancient Ethereum address dating all the way back to the pre-mine era was activated earlier today, according to data provided by Whale Alert.
The address, which had remained untouched for almost a decade, contained $3.7 million worth of Ethereum (ETH) when it was finally activated.
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 source of controversy within the investment community, with some naysayers arguing that Ethereum's launch was not fair compared to Bitcoin.
It is relatively rare for pre-mine Ethereum tokens to get activated, and the latest development has caused some speculation within the community. Some have assumed that the long-time Ether holder is finally taking profits after souring on the token. "He’s going to see that the price hasn’t moved in 9 years," a social media user quipped.
The most recent activation comes as Ether is getting slammed for its severe underperformance.
Earlier this week, the ETH/BTC pair plunged to yet another multi-year low of 0.021. It has now collapsed by roughly 40% during this year alone.
On Sunday, Bloomberg published a scathing article about Ethereum, arguing that the second-largest cryptocurrency by market cap is struggling to deliver on its early promise. Layer-2s taking activity and fees away from the main network have been cited as the key reason behind the dramatic underperformance of the main cryptocurrency.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Pre-Mine Ethereum Address Suddenly Activated
An ancient Ethereum address dating all the way back to the pre-mine era was activated earlier today, according to data provided by Whale Alert.
The address, which had remained untouched for almost a decade, contained $3.7 million worth of Ethereum (ETH) when it was finally activated.
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 source of controversy within the investment community, with some naysayers arguing that Ethereum's launch was not fair compared to Bitcoin.
It is relatively rare for pre-mine Ethereum tokens to get activated, and the latest development has caused some speculation within the community. Some have assumed that the long-time Ether holder is finally taking profits after souring on the token. "He’s going to see that the price hasn’t moved in 9 years," a social media user quipped.
The most recent activation comes as Ether is getting slammed for its severe underperformance.
Earlier this week, the ETH/BTC pair plunged to yet another multi-year low of 0.021. It has now collapsed by roughly 40% during this year alone.
On Sunday, Bloomberg published a scathing article about Ethereum, arguing that the second-largest cryptocurrency by market cap is struggling to deliver on its early promise. Layer-2s taking activity and fees away from the main network have been cited as the key reason behind the dramatic underperformance of the main cryptocurrency.