Ethereum Whale Suddenly Awakens, Stakes $7.4M After 2-Year Slumber

An Ethereum ETH/USD whale that had been dormant for over 2 years has suddenly woken up.

What Happened: According to the on-chain platform Lookonchain, the whale, who was an ICO participant in Ethereum, created a contract just 3 hours ago and staked 4,032 ETH, worth a staggering $7.4 million.

Upon further investigation, it was revealed that the whale received a total of 60,000 ETH at Genesis. At the time of writing, this is worth $109.47 million.

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Why It Matters: It’s not clear what prompted the whale to suddenly wake from its slumber and stake such a significant investment. 

Whales holding over 1,000 ETH, appear to be playing a role in keeping the price from rising as they are not showing an interest in re-accumulating at current prices, according to data from Glassnode.  

The on-chain data shows that the number of Ethereum addresses holding 1,000 or more coins has just hit a 6-month low of 6,435. 

Price Action: At the time of writing, ETH was trading at $1,824, up 0.05% in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin, Ethereum, Dogecoin Trade Mixed On Biden’s Promise On Debt-Ceiling: On-Chain Analysis Hints King Crypto In Early Bull Phase

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