Ethereum
Old Pre-Mine Ethereum Address Suddenly Activated as ETH Price Plunges
Alex Dovbnya
A pre-mine address containing $21 million worth of ETH has been activated
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According to a recent update from Whale Alert, a pre-mining dormant address containing approximately $21.9 million worth of Ethereum (ETH) has came back to life for the first time in almost nine years.
This is the first pre-mining Ethereum address that has been activated in June so far. In May, two such addresses holding $325,535 and $5.9 million, respectively, experienced a sudden awakening.
In April, only one address created before the Genesis block launched was activated. For comparison, three such cases were recorded in March. In February, no less than five pre-exploited addresses came back to life after years of inactivity. In January, two new addresses dating from the pre-mining era were activated.
Ethereum held a major sale in 2014, allowing the purchase of pre-mined tokens created before the network’s launch.
Ethereum plunges
The greatest activation occurred after the Ether The price fell to an intraday low of $3,642 earlier this Friday, according to CoinGecko data.
The cryptocurrency plunged after the latest US jobs report far exceeded analysts’ expectations. The continued refusal of the US labor market to calm down does not bode well for those desperately waiting for the US Federal Reserve to begin cutting rates. The odds of a rate cut in 2024 decreased significantly after the explosive jobs data was released.
Nearly $49 million in Ether positions were liquidated in the last four hours alone, with long positions accounting for nearly 93% of the sum.
About the Author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes and other fintech media. He is particularly interested in regulatory trends across the world that are shaping the future of digital assets. He can be contacted at alex.dovbnya@u.today.