Dormant Whale Wallet Sends ETH Up by 8%

ETH whale wallet which has been dormant since 2016 came active
ETH Price at the time of writing – $1,512.82
The whale moved 15,000 ETH, approx $22.2 million

A pre-mine Ethereum address containing 200 ETH (282,115 USD) has been activated after 7.2 years of dormancy, according to the Twitter account Whale Alert.

Reports that in February, another Ethereum wallet with 1,947 ETH (or $2.8 million at current prices) was activated. The Ethereum network celebrated its seventh birthday on July 30. Following an $18 million crowdsale in 2015, the highly ambitious project.

ETH rally wiping out short traders

The ETH token began trading on the Kraken exchange shortly after its launch at $2.77 before plummeting to $0.68.The second-largest cryptocurrency is currently trading at $1,476, as of this writing.

Reports that the Ether price recently experienced a significant increase, resulting in liquidations worth more than $105 million. The address is not the only long-dormant whale that has become active recently. ETH rally wipes out short traders.

Another whale address that was last active in 2015 was also recently active, moving 400 ETH. Additionally, Santiment had previously mentioned that whale addresses have exchanged approximately 320,000 ETH since October 20. The price of ETH initially responded by falling, but it has since rebounded significantly.

In the meantime, short traders in the futures market have faced cascading liquidations as a result of this rapid price rebound. During trading on Oct. 25, more than $105 million worth of ETH shorts were sold in less than an hour, with the FTX exchange selling the most shorts.

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How does Ethereum Name Service work?

A distributed and adaptable naming system based on the Ethereum blockchain is known as the Ethereum Name Service (ENS). Domain name service, or DNS for short, is essentially what it is: the Web3 version.

A cryptocurrency address is originally just a long string of numbers and letters that computers can read.

It might look like this: “0xDC25EF3F5B8A186998338A2ADA83795FBA2D695E,” which can make it hard to read at times and even cause you to lose money in some cases.

By assigning human-readable names to machine-readable identifiers like Ethereum addresses, metadata, other cryptocurrency addresses, and content hashes, ENS addresses the issue of lengthy and confusing crypto addresses.

The first is the ENS registry, which stores three important details: the domain’s owner, the domain’s resolver, and the time at which each record under the domain is cached. The Resolver is the second smart contract. It converts the domain name into an address that can be read by a computer and vice versa.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing