Ethereum Genesis Wallets Awaken

Ethereum Genesis Wallets Awaken: $2.9M ETH Moved

On Monday, July 30th, 2024, two Ethereum wallets dormant since the network's genesis in 2015 sprung back to life. These wallets, 0x27 and 0x7f, moved a combined 1,140 Ether (ETH), worth approximately $2.9 million at the time of the transaction.

These wallets received their initial ETH in transactions labeled "GENESIS" on Etherscan, signifying their creation at the launch of the Ethereum mainnet during the "Frontier" phase. The fact that these wallets remained untouched for 3,630 days (almost 10 years) highlights the long-term holding strategy of some early Ethereum investors.

This activity follows a recent trend of dormant crypto wallets reactivating. On Friday, three Bitcoin wallets dormant for 14 years moved billions of dollars, and in 2024, Satoshi-era Bitcoin wallets also transferred millions.

Ethereum's Evolution and Price Appreciation

Launched in 2015 as a proof-of-work blockchain, Ethereum transitioned to proof-of-stake in September 2022 with "The Merge." This upgrade aimed to reduce energy consumption. Over the decade these wallets remained inactive, ETH appreciated by a remarkable 89,450%.

Recent Ethereum Developments

Ethereum recently underwent the Pectra upgrade, introducing smart accounts, improved scalability, and higher staking limits. Since the May 7th launch, ETH prices have risen considerably. Further proposals, including a gas cap limit, aim to enhance Ethereum's performance and security.

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