After more than a decade of dormancy, a large sum of money has been transferred from "dormant" bitcoins.
The value of cryptocurrencies has been fluctuating since the crisis between Russia and Ukraine and rising pessimism about the future of the global economy.
On Thursday, the bitcoin price rose to a high of $42,592 after a two-day low of $38,300.
After a brief period of optimism, the value of BTC returned to the $38,000 mark on Thursday night.
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However, despite the volatile market, the old-school whales of 2010 have chosen to transfer large amounts of bitcoin.
The term "whale" refers to any entity that holds a large number of specific cryptocurrency tokens.
Bitcoin wakes up from its slumber
A transfer of approximately 489,091 bitcoins, worth nearly $17 million, has just been traced from the bitcoin address "17QBW".
The Btcparser.com parser detected it on March 10 (UTC) when the transaction was executed at block height 726,641 at 1:45 AM.
Between September 6, 2010 and July 12, 2011, the source address that sent 1,000 bitcoins processed a total of 5,111 bitcoins.
Although the 429 BTC initially spent on March 10, 2022 was received at the same time as the remaining 510.91 BTC, the owner waited more than a decade to transfer the 429 BTC to Halloween two days later (Oct. 31) (2010). ) this year.
The total cryptocurrency market cap on the daily K chart is $1.746 trillion Source: TradingView.com
Thanks to SHIB, ETH Whale has the second largest cryptocurrency holdings
Meanwhile, despite being labeled as an emoji coin, Shiba Inu continues to create some loud barks in the cryptocurrency space on a regular basis.
By the end of 2021, the platform's user base had surpassed the 1 million user mark. In almost the last few years, SHIB has gained over 200,000 new members.
At the time of this writing, there were 1,198,043 Shiba Inu owners.
According to IntoTheBlock, the number of Shiba Inu transactions over $100,000 continues to reach an all-time high.
On February 9, the revenue of the metric reached $389.89 million. According to the report, these transactions represent 81% of the total blockchain volume.
Raised by whales
SHIB's success could not have been achieved without the help of major whales.
SHIB ($1.4 billion) became the largest cryptocurrency holder when it surpassed FTT ($1.36 billion), the local currency of the FTX exchange. SHIB is now the second largest Ether Whale holding company.
Since Bitcoin went dormant in 2010, there hasn't been a major "awakening" of cryptocurrencies since that year, at least not yet.
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AtoZ Markets featured image, K-line chart from TradingView.com