Two Ethereum Genesis Wallets Wake, Move $2.9M ETH
Two dormant Ethereum wallets, created on July 30, 2015, were activated, moving 1,140 Ether tokens valued at nearly $2.9 million. These wallets were funded at the Ethereum blockchain's launch, marked as "GENESIS" transactions. Ethereum transitioned from a proof-of-work to a proof-of-stake mechanism in September 2022 to reduce energy consumption. Over nearly a decade, Ether has appreciated by 89,450%. Recently, there has been an increase in dormant wallets reawakening, including Bitcoin wallets that transferred billions after 14 years. Ethereum's latest upgrade, Pectra, initiated on May 7, improved scalability and staking limits, raising ETH's price from $1,812 to $2,540. A proposal by Vitalik Buterin and Toni Wahrstätter suggests a gas cap of 16.77 million for transactions to enhance performance and security.
