{"id":543316,"date":"2023-07-19T11:40:23","date_gmt":"2023-07-19T11:40:23","guid":{"rendered":"https:\/\/wncen.com\/?p=543316"},"modified":"2023-07-19T11:14:56","modified_gmt":"2023-07-19T11:14:56","slug":"pre-mined-ethereum-moves-after-8-years-price-dip-imminent","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/pre-mined-ethereum-moves-after-8-years-price-dip-imminent\/","title":{"rendered":"Pre-Mined Ethereum Worth $116M Moves After 8 Years: Is A Major Price Dip Imminent?"},"content":{"rendered":"

A pre-mined stash of Ethereum, dormant for nearly eight years and now valued at roughly $116 million, has been moved abruptly. This transaction raises questions about potential market implications and whether it could trigger a notable price dip for Ethereum.<\/span><\/p>\n

Eight years ago, during Ethereum’s pre-mine period, the wallet accumulated a total of 61,216 ETH<\/a>. Back then, the value of the tokens was around $18,976, but due to Ethereum’s exponential growth, the value has now escalated over a thousandfold.<\/span><\/p>\n

Stirring From Dormancy<\/span><\/h2>\n

The ETH in question, stashed in a single wallet address, has remained untouched since it was pre-mined. But in an unexpected move, all 61,216 ETH were transferred to an address associated with the Kraken crypto exchange. This transfer marks the end of an eight-year-long dormancy.<\/span><\/p>\n

\n

\ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 A dormant pre-mine address containing 61,216 #ETH<\/a> (116,396,127 USD) has just been activated after 8.0 years!https:\/\/t.co\/f79T0fYa7b<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) July 18, 2023<\/a><\/p><\/blockquote>\n

Rewinding to June 2014, the Ethereum<\/a> network staged a unique sale event. As the network was yet to begin generating tokens autonomously, this event served as an opportunity for early team members and co-founders to accumulate pre-mined ETH.<\/span><\/p>\n

Related Reading: Ethereum Four Straight Days Down: Bullish Or Bearish?<\/a><\/div>\n

At this point in time, ETH was trading at the price of $0.31, thus valuing this particular collection of\u00a061,216 ETH \u00a0at an estimated $18,976.\u00a0<\/span>Fast forward to the present day, and the value of these same tokens has skyrocketed to approximately $116.9 million. <\/span><\/p>\n

This dramatic surge in ETH’s price over the years underscores the substantial growth and adoption of Ethereum’s network. Consequently, the recent movement of this significant ETH stash has piqued the interest of the crypto community, eager to understand the potential implications of this action.<\/span><\/p>\n

Major Ethereum Dip Imminent?<\/h2>\n

Typically, large transfers of a cryptocurrency to an exchange can indicate an intent to sell, and this can potentially put downward pressure on the price if the amount being sold is significant compared to the overall trading volume.<\/span><\/p>\n

However, it is worth noting that not all large deposit into the exchange means a potential fall for the crypto being transferred as the person or entity transferring the ETH might not sell immediately or might decide to sell gradually to minimize market impact.<\/span><\/p>\n

Related Reading: Ethereum Price Is Showing Early Signs of Fresh Increase, But This Resistance Is Key<\/a><\/p>\n

Also, it is worth analyzing how the whale ended up depositing its pre-mined ETH into the exchange. Etherscan data<\/a> verifies the transaction, which occurred on July 18. The operation of moving is $116.9 million in ETH and required a negligible fee of $1.68 and 25.475673161 Gwei in gas price.<\/span><\/p>\n

\"Transactions
Transactions connected to the transfer of pre-mined Ether from the Ethereum whale. | Source: Etherscan<\/a><\/figcaption><\/figure>\n

The identity of the wallet owner remains a mystery and their cautious approach is noteworthy, as they ensured to avoid human errors that could result in substantial loss. They did this by first sending a small test transaction of 0.05 ETH to the Kraken address before moving the entire lot.<\/span><\/p>\n

The transaction has also highlighted the value of HODL-ling, a strategy that emphasizes the long-term accumulation of crypto tokens. It underscores how patience can lead to significant gains in the volatile world of crypto.<\/span><\/p>\n

Nonetheless, Ethereum price<\/a> is up 0.7% in the past 24 hours, indicating that the whale might be yet to make any move with its deposited ETH. The second largest asset currently trades at a price of $1,910, at the time of writing with a 24-hour trading volume of $7.4 billion<\/p>\n

\"Ethereum
Ethereum (ETH)\u2019s price is moving sideways on the 4-hour chart. Source: ETH\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

A pre-mined stash of Ethereum, dormant for nearly eight years and now valued at roughly $116 million, has been moved abruptly. This transaction raises questions about potential market implications and whether it could trigger a notable price dip for Ethereum. Eight years ago, during Ethereum’s pre-mine period, the wallet accumulated a total of 61,216 ETH. Back then, the value of the tokens was around $18,976, but due to Ethereum’s exponential growth, the value has now escalated over a thousandfold. Stirring From Dormancy The ETH in question, stashed in a single wallet address, has remained untouched since it was pre-mined. But in an unexpected move, all 61,216 ETH were transferred to an address associated with the Kraken crypto exchange. This transfer marks the end of an eight-year-long dormancy. \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 \ud83d\udca4 A dormant pre-mine address containing 61,216 #ETH (116,396,127 USD) has just been activated after 8.0 years!https:\/\/t.co\/f79T0fYa7b \u2014 Whale Alert (@whale_alert) July 18, 2023 Rewinding to June 2014, the Ethereum network staged a unique sale event. As the network was yet to begin generating tokens autonomously, this event served as an opportunity for early team members and co-founders to accumulate pre-mined ETH. Related Reading: Ethereum Four Straight Days Down: Bullish Or Bearish? At this point in time, ETH was trading at the price of $0.31, thus valuing this particular collection of\u00a061,216 ETH \u00a0at an estimated $18,976.\u00a0Fast forward to the present day, and the value of these same tokens has skyrocketed to approximately $116.9 million. This dramatic surge in ETH’s price over the years underscores the substantial growth and adoption of Ethereum’s network. Consequently, the recent movement of this significant ETH stash has piqued the interest of the crypto community, eager to understand the potential implications of this action. Major Ethereum Dip Imminent? Typically, large transfers of a cryptocurrency to an exchange can indicate an intent to sell, and this can potentially put downward pressure on the price if the amount being sold is significant compared to the overall trading volume. However, it is worth noting that not all large deposit into the exchange means a potential fall for the crypto being transferred as the person or entity transferring the ETH might not sell immediately or might decide to sell gradually to minimize market impact. Related Reading: Ethereum Price Is Showing Early Signs of Fresh Increase, But This Resistance Is Key Also, it is worth analyzing how the whale ended up depositing its pre-mined ETH into the exchange. Etherscan data verifies the transaction, which occurred on July 18. The operation of moving is $116.9 million in ETH and required a negligible fee of $1.68 and 25.475673161 Gwei in gas price. The identity of the wallet owner remains a mystery and their cautious approach is noteworthy, as they ensured to avoid human errors that could result in substantial loss. They did this by first sending a small test transaction of 0.05 ETH to the Kraken address before moving the entire lot. The transaction has also highlighted the value of HODL-ling, a strategy that emphasizes the long-term accumulation of crypto tokens. It underscores how patience can lead to significant gains in the volatile world of crypto. Nonetheless, Ethereum price is up 0.7% in the past 24 hours, indicating that the whale might be yet to make any move with its deposited ETH. The second largest asset currently trades at a price of $1,910, at the time of writing with a 24-hour trading volume of $7.4 billion Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":514768,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[134,6664,8323,1946,78803],"class_list":["post-543316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-altcoin","tag-crypto","tag-eth","tag-ethereum","tag-ethusdt"],"acf":[],"yoast_head":"\nPre-mined Ethereum Worth $116M Moves After 8 Years: Is A Major Price Dip Imminent?<\/title>\n<meta name=\"description\" content=\"A pre-mined stash of Ethereum, dormant for nearly eight years and now valued at roughly $116 million, has abruptly been moved...\" \/>\n<meta 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His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Pre-Mined Ethereum Worth $116M Moves After 8 Years: Is A Major Price Dip Imminent?","url":"http:\/\/wncen.com\/news\/ethereum\/pre-mined-ethereum-moves-after-8-years-price-dip-imminent\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/pre-mined-ethereum-moves-after-8-years-price-dip-imminent\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Ethereum.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Ethereum.jpg?fit=750%2C536"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","crypto","eth","ethereum","ethusdt"],"dateCreated":"2023-07-19T11:40:23Z","datePublished":"2023-07-19T11:40:23Z","dateModified":"2023-07-19T11:40:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Pre-Mined Ethereum Worth $116M Moves After 8 Years: Is A Major Price Dip Imminent?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/pre-mined-ethereum-moves-after-8-years-price-dip-imminent\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/pre-mined-ethereum-moves-after-8-years-price-dip-imminent\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Ethereum.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Ethereum.jpg?fit=750%2C536\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"crypto\",\"eth\",\"ethereum\",\"ethusdt\"],\"dateCreated\":\"2023-07-19T11:40:23Z\",\"datePublished\":\"2023-07-19T11:40:23Z\",\"dateModified\":\"2023-07-19T11:40:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Ethereum.jpg?fit=750%2C536","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/543316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=543316"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/543316\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/514768"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=543316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=543316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=543316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}