Ancient Pre-Mine Ethereum Address Suddenly Activated as ETH Price Plunges

According to a recent update from Whale Alert, a dormant pre-mine address containing roughly $21.9 million worth of Ethereum (ETH) has sprung back to life for the first time in nearly nine years.

This is the first pre-mine Ethereum address that has been activated this June so far. In May, two such addresses containing $325,535 and $5.9 million, respectively, experienced sudden awakenings.

In April, only one address that was created before the launch of the genesis block was activated. For comparison, three such cases were recorded in March. In February, as many as five pre-mined addresses sprung back to life after years of inactivity. In January, there were two newly activated addresses from the pre-mine era.

Ethereum organized a major sale back in 2014, making it possible to buy pre-mined tokens that were created before the network's launch.

Ethereum plunges

The most activation came after the Ether price slipped to an intraday low of $3,642 earlier this Friday, according to CoinGecko data.

The cryptocurrency took a nosedive after the most recent US jobs report greatly exceeded analysts' expectations. The persistent refusal of America's labor market to cool down does not bode well for those who are desperately waiting for the U.S. Federal Reserve to start cutting rates. The odds of a rate cut in 2024 have dropped substantially following the release of the blowout jobs data.

Nearly $49 million worth of Ether positions has been liquidated over the past four hours alone, with longs accounting for nearly 93% of the sum.