Ancient Dogecoin Wallet Suddenly Activated After Nearly a Decade of Inactivity
An old Dogecoin (DOGE) wallet that had been dormant for almost ten years has suddenly become active, moving hundreds of thousands of dollars worth of the meme cryptocurrency.
Whale Alert Spots the Transfer
The whale-surveilling platform Whale Alert first noticed the transfer of 5,392,984 DOGE, valued at $372,461 at the time of the transaction. The wallet had been inactive for 9.8 years.
Ancient Holder Drains Address
BitInfoCharts, a blockchain tracker, reveals that the holder made three separate transactions on October 28th, depleting the address. The wallet initially received its first stack of Dogecoin in December 2013 when DOGE was trading at $0.00054. Over the course of almost a decade, the long-term holder made a profit of $366,493 from owning the popular meme token.
Wallet Still Holds Entire Dogecoin Stack
The wallet that received the Dogecoin stack still holds all of its tokens, according to BitInfoCharts.
Other Notable Transactions Involving Dogecoin
Whale Alert has also observed other significant transactions involving Dogecoin. One such transaction on October 27th saw 350 million DOGE worth $23.7 million transferred from an unknown wallet to the trading platform Robinhood. This indicates that the DOGE trove could potentially be sold on the open market.
Current Price and Closing Thoughts
As of now, Dogecoin is trading at $0.0696, representing a 1.55% increase in the last 24 hours. The sudden activation of the ancient Dogecoin wallet after nearly a decade of inactivity highlights the unpredictable nature of cryptocurrency movements.
Image Source: Midjourney/Shutterstock
Hot Take: Ancient Dogecoin Wallet Comes to Life, Transfers $372,461 Worth of DOGE After Years of Inactivity
An old Dogecoin wallet that lay dormant for almost ten years has unexpectedly sprung into action, moving a substantial amount of DOGE worth $372,461. This event serves as a reminder that cryptocurrencies can experience sudden and surprising activity after long periods of inactivity. The transaction also underscores the potential profitability of holding onto cryptocurrencies for extended periods. However, it remains to be seen how this sudden influx of DOGE into the market will impact its price and overall market dynamics.
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