After 7.7 years of deep slumber, a participant in the Ethereum ICO awoke and transferred 1 ETH to a new address in what appeared to be a test transaction.
According to the on-chain analysis platform Lookonchain, the anonymous user acquired 2,365 ETH valued at almost $4 million at current pricing at Ethereum Genesis, when the price of ETH during the initial coin offering was around $0.31.
The transfer that took place in block 17110898 was the wallet’s first sent transaction. Additionally, the price of ether right now is $1846.
Last week, a dormant Bitcoin wallet belonging to the Satoshi era sprung back to life. The wallet, in question, was over 9 years old and at the time held 6,071 BTC, valued at $178 million, data from whale alert showed.
Also, out of the total 6,071 BTC, 2,071 were moved.
As reported by TronWeekly, the whale address’s nearly ten-year-old BTC reserves were only worth $3.3 million in 2013, with the first transaction taking place on December 19 and the most recent transaction on April 19.
The abrupt activation of a large-scale holder sparked rumors about the identity of the wallet and why it did so.
One Twitter user speculated that the mysterious whale might be the US government, which is on a dumping spree of seized BTC assets.
Even though there is no way to determine the identity of the wallet holder, the news has drawn a lot of attention.
In the meantime, ETH Merge had an effect on supply in addition to changing the network’s consensus process from an energy-intensive proof-of-work system to a more environmentally friendly proof-of-stake one.
A Look At Ethereum’s Supply Since Merge
The explanation for this is fairly straightforward: compared to rewarding miners, the Ethereum blockchain releases a lot less ETH to pay stakers.
Data from the Eth tracking website ultrasound.money showed that the quantity of ether has declined by almost 100k. Over the past 200 days, 103,092 coins, or more than $200 million at the present price, have been removed from the total supply of ether.
Furthermore, throughout the same time period, $1.2 billion was taken out of the ether supply.
The amount of ether in circulation at the time of this publication was 120,409,323,000,000 coins.