The account Whale Alert, which tracks the movement of huge cryptos, announced the activation of a wallet address that had been inactive since 2013. This battered wallet had 407 bitcoins, which were valued at more than $15 million at the time of writing.
In comparison to its worth in 2013, this was an almost 4,000 percent increase in only eight years.
Whales riding the wave
While community members speculated over the unexpected activation of the address, it wasn’t the first time that elderly hodlers brought their wallets back to life. In fact, in February, an old Ethereum wallet with almost $5 million worth of ETH was activated, in addition to Bitcoin.
It’s possible that the holder didn’t want to miss out on the market’s price activity. The financial market was in a profitable position as a result of historical events going place throughout the world.
While aggressive Russia was funding its military troops, cryptocurrencies were being requested to assist Ukraine in its upheaval.
Meanwhile, the holder’s identity remained unknown. Given the wallet’s age, conspiracy theories about its origins grow more prevalent.
Some speculated that it belonged to Satoshi Nakamoto, the Bitcoin founder. Some people, however, believed that unlocking the wallet now was a waste of time.
According to the transaction’s data, the holder has divided the money among many wallets. While cashing out was an option, it’s safe to suppose that the dump won’t be carried in a single day. However, this may not be the only wallet with a huge amount of Bitcoin, and as the landscape of the crypto business shifts, we may see more of these wallets resurface.
Get to know about Bitcoin whales
A bitcoin whale is a cryptocurrency word for someone or any entity that has a significant quantity of bitcoin. Whales have enough crypto to be able to manipulate currency exchange rates.
Whales are large bitcoin holders whose actions upset the waters in which lesser fish swim. The top 20% of bitcoin holders possess more than 80% of the bitcoin value in US dollars, according to the 80-20 rule (also known as the Pareto principle).
Large quantities of bitcoin are being revived in old, dormant wallets from the early days of Bitcoin. Early investors who dumped a few hundred dollars and held their investments have grown into BTC whales as the value of the cryptocurrency continues to soar.