Two Ethereum wallets that had remained untouched since the blockchain’s inception in 2015 have suddenly been activated, moving a combined 1,140 ETH valued at approximately $2.9 million according to Whale alerts.
Blockchain data shows that the wallets, beginning with addresses “0x27” and “0x7f,” were created on July 30, 2015 — the very day Ethereum’s mainnet launched under its “Frontier” phase. Records on Etherscan indicate both wallets received their initial ETH from “GENESIS” transactions, marking them as part of Ethereum’s earliest distribution.
Since their creation 3,630 days ago, the price of ETH has surged by an astonishing 89,450%, according to TradingView data. Ethereum itself has evolved significantly within that period, transitioning from its original proof-of-work consensus model to a proof-of-stake mechanism following the Merge in September 2022. This upgrade aimed to reduce the network’s energy consumption while maintaining security and decentralisation.
The sudden reactivation of these dormant wallets comes amid a broader trend of long-inactive crypto addresses springing back to life. Just last Friday, three Bitcoin wallets untouched for 14 years transferred funds worth billions of dollars.
Ethereum has been undergoing significant ecosystem upgrades recently. Its latest update, dubbed Pectra, went live on May 7 and introduced smart accounts, higher staking limits, and scalability enhancements.
Meanwhile, co-founder Vitalik Buterin, alongside researcher Toni Wahrstätter, has proposed introducing a gas cap of 16.77 million per transaction. According to their publication on Sunday, the change is designed to improve Ethereum’s security and performance, enhancing resilience against certain denial-of-service attack vectors while ensuring more predictable transaction costs for users.
On June 4, Buterin acknowledged that while Ethereum leads in some critical areas, Bitcoin remains ahead in several foundational aspects of blockchain technology. He affirmed that Ethereum continues to set the pace in censorship resistance and network security, thanks to its evolving architecture, which includes innovations such as Proof of Stake, rollups, and MEV mitigation strategies.
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