Massive Amount Of ‘Sleeping’ Bitcoin Moved After More Than 11 Years In Hibernation

A large sum of money from a “Sleeping” Bitcoin was transferred after being dormant for more than a decade.

Since the crisis between Russia and Ukraine and heightened pessimism about the future of the global economy, cryptocurrency values have been volatile.

On Thursday, bitcoin’s price surged to a high of $42,592, after a two-day low of $38,300.

After a brief period of optimism, BTC’s value returned to the $38K mark late Thursday.

Related Article | Billionaire Investor Says Crypto Outlook Is ‘Very Bullish’ For Bitcoin

However, despite the market’s volatility, an old-school whale from 2010 opted to move a considerable amount of bitcoins.

The term “whale” refers to any entity that has a considerable amount of tokens of a particular cryptocurrency.

Bitcoin Roused From Deep Slumber

A transfer of roughly 489.091 BTC valued at nearly $17 million from the bitcoin address “17QBW” has just been tracked.

When the transaction was executed at block height 726,641 at 1:45 a.m., the blockchain parser Btcparser.com spotted it on March 10 (UTC).

A total of 5,111 bitcoins were handled by the originating address from which the 1,000 BTC were sent between September 6, 2010, and July 12, 2011.

Even though the 429 BTC spent on March 10, 2022 was initially received at the same time as the remaining 510.91 BTC, the owner waited more than a decade to transfer the 429 BTC, which was spent two days later on Halloween (October 31, 2010) that year.

Crypto total market cap at $1.746 trillion on the daily chart | Source: TradingView.com
ETH Whales Hold 2nd-Largest Stake in Crypto, Thanks To SHIB

Meanwhile, despite being labelled a meme-coin, Shiba Inu continues to create a loud bark of sorts in the crypto field regularly.

By the end of 2021, the platform’s user base had crossed the million-user mark. Almost the last several years, SHIB has gained over 200,000 new members.

There are 1,198,043 Shiba Inu owners at the time of this writing.

The amount of Shiba Inu transactions above $100,000 continues to break all-time highs, according to IntoTheBlock data.

On February 9, the metric hit $389.89 million in revenue. Based on the report, these transactions accounted for 81% of the entire volume on the blockchain.

Lifted By Whales

SHIB’s success could not have been achieved without the help of dominant whales.

When SHIB ($1.4 billion) surpassed FTT ($1.36 billion), the FTX exchange’s native coin, it became the largest cryptocurrency holder. SHIB is currently the second-largest Ethereum whales’ holding.

Since the 2010 transfer of the bitcoin in hibernation, there hasn’t been a massive “awakening” of the crypto from that year — at least not yet.

Related Article | South Korea Has A New President – And He Likes Crypto

Featured image from AtoZ Markets, chart from TradingView.com