A dormant Ethereum (ETH) whale has come back to life after more than three years of inactivity. According to insights from crypto analytics platform Lookonchain, the once-dormant whale has deposited a total of 5,000 ETH worth approximately $11.3 million on Coinbase (NASDAQ:COIN).
Typically, such deposits to crypto trading platforms are often a sign of a sell-off, and that appears to be what this whale is doing. According to market data, the Ethereum whale has been receiving funds since as early as 2017, when the price of Ethereum was still at $60.
The last major inflow the whale received was about three years ago, when it bagged a total of 25,398.1 ETH. At the current market value of $2,281.29 per Ethereum, this fund is worth $57,940,431.549.
When the whale woke up, it made at least two test transactions of 0.07 ETH out and 0.067 ETH in, a move that could be intended to confirm that it still has skin in the game. After moving the 5,000 ETH, the whale is now left with 20,398 ETH, worth approximately $45.88 million.
Reviving dormant addresses now trendy
While the reawakening of the Ethereum whale address shows more hidden influential wallets within the network, the move is arguably as other major cryptocurrencies also see reawakening whale addresses.
As previously reported by U.Today, an ICO-era Ethereum address woke up in late November and went on a selling spree on Kraken Exchange. At the time, the whale sent 3,000 to Kraken for possible liquidation, leaving the 5,172 ETH worth about $10.7 million.
In addition to Ethereum, dormant bitcoin (BTC) addresses are also part of this resurgence and liquidation trend.
