ETH Surges 12% as Dormant Address Moves 5,485 Coins for $15 Million

In a notable market development on November 7th, COINOTAG News reported that Ethereums recent 12% surge has prompted significant activity from dormant addresses.

According to data from Chain.info, an address that has accumulated 11,004.9 ETH over the past eight years, initially purchasing the cryptocurrency at $3.45, has now exited its dormancy phase.

This address commenced the liquidation of its holdings, selling a remarkable 5,485 ETH for approximately 15 million USDC during a trading span of just an hour and a half, representing an average selling price of $2,736 per ETH.

Such movements are vital indicators of market sentiment and could influence Ethereums price trajectory in the near term, highlighting the ongoing volatility and trading strategies prevalent in the cryptocurrency market.