Whale Alert, a platform that tracks significant blockchain activities and shares them publicly, reported notable activity in the leading memecoin Dogecoin (DOGE). The platform announced the reawakening of an old Dogecoin wallet address that had been dormant since the era of Bitcoin‘s anonymous creator Satoshi Nakamoto.
It Was Inactive Since 2013
A Dogecoin wallet address, inactive since the early days of late 2013, has stirred into action. This activity has sparked curiosity within the Dogecoin community.
According to data compiled by Whale Alert, the awakened wallet currently contains approximately 747,645 DOGE, valued at around 113,344 dollars. Although the amount may seem relatively low, the wallet’s age lends symbolic significance to the movement. Additionally, it was detected that the wallet recently transferred 100 of its DOGE to another anonymous address.
In addition to the awakening of this wallet address, Whale Alert also reported a series of large transactions carried out by Dogecoin whales. Anonymous major investors moved over 1.5 billion DOGE to and from the popular trading platform Robinhood.
The flow of activity among Dogecoin whales follows the transfer of over 1.6 billion DOGE in high volumes between major cryptocurrency exchanges such as Binance and Coinbase earlier in the week. The movement of large amounts of coins indicates an increase in interest and participation in the cryptocurrency market by institutional and high-net-worth investors.
Current State of DOGE
The reactivation of the old wallet address coincides with a period of high volatility for the meme-inspired altcoin. After reaching its highest level in recent years at 0.2 dollars on March 5th, Dogecoin faced a significant drop of 38%. As of the latest data, DOGE is trending upwards again in line with the general recovery of the cryptocurrency market, trading at 0.1544 dollars at the time of this writing.
First launched in December 2013 by Billy Markus and Jackson Palmer as a parody of Bitcoin, Dogecoin has gained substantial value as a meme-inspired altcoin and is currently one of the top 20 altcoins.
