Ethereum Wallets Worth $2.9 Million Activated After 90,000% Gain

Two Ethereum wallets, which had been dormant for nearly a decade, were activated on Monday, moving a combined 1,140 Ether tokens worth approximately $2.9 million. These wallets, identified by their starting addresses "0x27" and "0x7f," were created on July 30, 2015, marking the mainnet launch of the Ethereum blockchain, a phase known as "Frontier." Both wallets received their initial Ether (ETH) from transactions labeled as "GENESIS" on Etherscan, indicating they were funded at the launch of the Ethereum network.

The activation of these wallets comes at a time when Ether has appreciated nearly 90,000% since the wallets received their coins. This significant increase in value highlights the substantial growth and potential of the Ethereum ecosystem over the past decade. The wallets' activation is part of a broader trend of dormant whale wallets reawakening, as seen with the recent movement of Bitcoin (BTC) wallets that had been dormant for 14 years.

Ethereum, which debuted in 2015 as a proof-of-work blockchain, transitioned to a proof-of-stake mechanism in September 2022 during The Merge. This shift aimed to reduce the energy usage required to run the network, aligning with broader environmental concerns within the cryptocurrency community. The Merge marked a significant milestone in Ethereum's evolution, moving away from traditional mining and block rewards similar to the Bitcoin network.

The recent activation of these Ethereum wallets coincides with several developments within the Ethereum ecosystem. The latest upgrade, called Pectra, has introduced smart accounts, improved scalability, and higher staking limits. Initiated on May 7, this upgrade has contributed to a rise in the price of ETH from $1,812 to $2,540. Additionally, Ethereum co-founder Vitalik Buterin and researcher Toni Wahrstätter have proposed a gas cap of 16.77 million for individual transactions. This proposal aims to enhance Ethereum's performance and security by increasing its resilience against certain denial-of-service (DoS) vectors, improving network stability, and providing more predictability to transaction processing costs.

The reawakening of these Ethereum wallets and the ongoing developments within the Ethereum ecosystem underscore the dynamic nature of the cryptocurrency market. As the value of Ether continues to appreciate and the network evolves, it remains a focal point for investors and developers alike. The activation of these wallets serves as a reminder of the long-term potential of cryptocurrencies and the importance of staying informed about the latest developments in the space.