U.Today - Prominent cryptocurrency tracker Whale Alert has published a post on the X platform about a recently awakened crypto whale. This wallet contains millions worth of Ethereum.
This premined whale had spent almost nine years in dormancy – this means since 2015, the year that followed the end of the Ethereum initial coin offering (ICO).
The reactivated wallet contains almost 2,000 ETH worth $5,876,786.
Ethereum Foundation dumps ICO ETH
In the past, the market has reacted negatively when the Ethereum Foundation has released large amounts of Ethereum. This is not the only sale made by this prominent entity observed by market participants this week. Earlier today, it was reported that another wallet linked to the foundation sold 100 ETH for 291,267 DAI via the Cow Protocol.
Ethereum whale activity soars high
Earlier this week, the second-largest cryptocurrency saw a tremendous decline of 12.16%, falling from $3,243 to the $2,960 zone. It was followed by a small rebound of 3.87%. This discount provided a great opportunity to buy the dip, and traders immediately took advantage of this, setting up almost 140,000 new wallets, expanding the network.
Prominent crypto analyst Michael van de Poppe has just tweeted that he expects Ethereum may go down to the $2,500 zone “for the most optimal play.” However, he does not believe that crypto markets are likely to be in for such a heavy correction. “Most of the downside is already in,” he added.