5.4 Million Dogecoin Whale Awakens After Nearly a Decade, Raising Eyebrows

5.4 Million Dogecoin Whale Awakens After Nearly a Decade, Raising Eyebrows

Time Stamp: November 4, 2023 8:45 AM

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A dormant whale wallet containing a staggering 5,392,984 Dogecoins has suddenly come back to life after lying dormant for 9.8 years, sparking curiosity in the crypto community.

According to a Saturday tweet by Whale Alert, a firm specialising in tracking abnormal crypto transactions, this mysterious wallet had been inactive since 2014. During this prolonged inactivity, the wallet’s contents remained untouched even as the cryptocurrency market underwent a significant transformation. That said, considering Dogecoin’s current trading prices, the wallet’s value has appreciated by an astonishing 80,000% to roughly $376,758 since its last activity.

Meanwhile, the return of this long-dormant Dogecoin wallet has prompted speculation about the owner’s motivations. Some in the crypto community believe it could signify renewed interest in the coin. In contrast, others wonder if it’s a speculative move aimed at capitalizing on the current hype surrounding Dogecoin.

Furthermore, some have also argued that the wallet addresses belong to the original creator of the meme crypto. On the other hand, some speculate that this could be due to the recent surge in the price of Dogecoin, which has seen a 9.5% increase in the last seven days, according to CoinMarketCap data.

There are also concerns about the potential impact of such a massive holder on the market, as large transactions could influence the cryptocurrency price.

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Meanwhile, while rare for Dogecoin compared to Bitcoin and Ethereum, this is not the first time a Dogecoin whale has reawakened after such lengthy slumbers. In June, a whale address with over 2 million Dogecoin was reactivated after almost 9.5 years of inactivity. Similarly, in May of the same year, a dormant address containing 1,556,994 DOGE was reactivated after 9.3 years.

Dogecoin, created initially as a meme cryptocurrency in 2013, has gained a significant following and seen its value surge. The coin’s popularity has been attributed to endorsements from prominent figures like Elon Musk and Mark Cuban, who have expressed support for Dogecoin through social media and other platforms. While Dogecoin was created as a lighthearted joke, it has evolved into the largest meme coin and paved the way for numerous other creations, including Shiba Inu and PEPE.

At press time, DOGE was trading at $0.068 after a 0.77% increase over the past 24 hours.

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