Return of Dormant Dogecoin Wallet Sparks Curiosity in Crypto Community
A dormant whale wallet containing a staggering 5,392,984 Dogecoins has suddenly come back to life after lying dormant for 9.8 years. This has sparked curiosity in the crypto community.
The Long-Dormant Wallet
According to a tweet by Whale Alert, a firm specializing in tracking abnormal crypto transactions, the wallet had been inactive since 2014. Despite the significant transformation of the cryptocurrency market during this time, the wallet’s contents remained untouched. The value of the wallet has now appreciated by approximately 80,000% to around $376,758 due to Dogecoin‘s current trading prices.
Speculations and Concerns
The return of this long-dormant Dogecoin wallet has led to speculation about the owner’s motivations. Some believe it signifies renewed interest in the coin, while others see it as a speculative move to capitalize on the current hype surrounding Dogecoin. Some even speculate that the wallet addresses belong to the original creator of the meme crypto.
There are also concerns about the potential impact of such a massive holder on the market, as large transactions could influence the cryptocurrency price.
Not the First Dormant Dogecoin Whale
Although rare compared to bitcoin and ethereum, this is not the first time a Dogecoin whale has reawakened after a long period of inactivity. In June, a whale address with over 2 million Dogecoins was reactivated after almost 9.5 years of dormancy. Similarly, in May of the same year, a dormant address containing 1,556,994 Doge was reactivated after 9.3 years.
The Rise of Dogecoin
Initially created as a meme cryptocurrency in 2013, Dogecoin has gained a significant following and seen its value surge. Endorsements from prominent figures like Elon Musk and Mark Cuban have contributed to its popularity. While originally created as a lighthearted joke, Dogecoin has become the largest meme coin and has paved the way for numerous other creations in the crypto world.
At the time of writing, Doge was trading at $0.068 after a 0.77% increase in the past 24 hours.
### News source: zycrypto.com