The sudden activation of a wallet address that has been unused for nearly 10 years and holds investments in Dogecoin (DOGE) has raised questions about the future of Doge among investors.
The Dogecoin Wallet Address Belongs to a Whale
According to data obtained by Whale Alert, the inactive address had a total value of 5,392,984 DOGE, which is worth 372,461 at the time of writing. On-chain data revealed that the activation occurred through a transfer where 392,000 tokens were sent to another unknown DOGE address by the wallet.
The reactivation of dormant DOGE addresses has become quite common recently. As previously reported by Coingape, a similar DOGE reactivation was recorded in June, but this time the reappeared wallet contained slightly over 2 million DOGE units.
Considering the age of the wallet, this address where the transaction took place indicates that its owner was one of the first buyers of the memecoin. The 5,392,984 DOGE contained in the wallet, created by Billy Markus in 2013, were acquired at a relatively lower price compared to the current trading price of $0.06899.
Since its inception, DOGE has offered significant investment returns to its investors and, according to CoinMarketCap data, DOGE has increased by 80,614% from its all-time low (ATL) value of $0.00008547 obtained nearly 8 years ago. As this active DOGE address was obtained before the mentioned time period, the gains are likely to be much higher.
Another point indicated by this reawakening is the emergence of community members’ concerns. It may suggest that coin holders have ended their HODLing behavior and a potential sell-off may occur soon.
Visible Whale Movements
Dogecoin has recently followed the rise of Bitcoin, with increased investor interest due to rumors of the imminent approval of a Bitcoin spot ETF. In addition to the market sensitivity, noticeable whale movements have also occurred in DOGE recently.
These movements continue to assist individual investors who accumulate to increase the volatility of Dogecoin’s price, regardless of market sensitivity.
