The entire crypto market came crumbling down amidst the downfall of the FTX empire. Most assets in the market turned red and encountered significant losses. Ethereum [ETH] was certainly one among them. However, the asset managed to stay above $1000. Meanwhile, a dormant wallet was activated after 7 long years.
In a recent tweet, Whale Alert revealed that a “dormant pre-mine address” that entailed a whopping 500 ETH was activated after 7.3 years. About 499.99 ETH worth $631,727 was transferred to another wallet. It should be noted that the fee for this transaction was 0.002830624553484 ETH or $3.57.
Following this, a plethora of speculations about the individual behind the wallet began pouring in. While several noted that 500 was a dainty number that wouldn’t really move the market, a few others suggested that this wasn’t a whale alert.
A majority of them predicted that this was Ethereum co-founder Vitalik Buterin’s latest move. One Twitter user wrote, “Vitalik found another dusty ledger under his bed.”
Here’s how Ethereum fared throughout the FTX crash
As mentioned earlier, the entire market plummeted amidst the collapse of FTX. Ethereum wasn’t spared. At press time, the world’s second-largest cryptocurrency was trading for a low of $1,272.56. Last week, the altcoin dipped down to a low of $1,083.29. While several speculated that the market crash would push the asset below $1,000, it managed to stay afloat.
The highest that the asset managed to surge to a high of $1,341.79. It should be noted that Ethereum recorded a 14.49 percent plummet over the last seven days.
As the community mentioned earlier, the movement of the funds in the dormant wallet was almost insignificant. Therefore, the ETH did not record any major surge or drop over the last 24 hours. Its daily price change was at a positive 0.91 percent.