As a researcher who has been closely monitoring the crypto market for nearly a decade now, I find the recent activity surrounding Dogecoin (DOGE) absolutely fascinating. The dormant address containing 870,019 DOGE tokens that just woke up after 11 years is nothing short of astonishing. To put it into perspective, I was still in college when this address was first activated!
As a crypto investor, I found it fascinating to learn, from the insights shared by Whale Alert, that an address associated with Dogecoin (DOGE) had become active again after an impressive 11-year slumber.
The address contains 870,019 DOGE tokens that are currently worth nearly $400 million.
The top meme coin in terms of market cap was first introduced in 2013, so the mentioned address has been active since the coin’s initial release.
1) Dogecoin swiftly rose in popularity and successfully established a fervent digital following. During the first quarter of 2014, the Dogecoin community attracted attention from mainstream news outlets by raising money to sponsor the Jamaican bobsled team for the Winter Olympics.
Unlike numerous popular altcoins from 2013 that faded into insignificance, Dogecoin surprisingly surged to new heights in 2021, reaching a market capitalization of more than $90 billion.
Despite dropping approximately 40% from its peak achieved in May 2021, Dogecoin demonstrated a significant surge in value during November of the same year.
Hence, it is not far-fetched to assume that some diamond-handed holders are taking profits.
11 years ago, two long-dormant Dogecoin accounts were reactivated last month, specifically on November 10th and 24th.
Before the recent surge, these types of transactions were not common. However, a significant number of Dogecoin wallets that are over a decade old became active in May and April.
According to CoinGecko data, Dogecoin remains the seventh biggest cryptocurrency by market capitalization, surpassing Cardano (ADA). It is up by nearly 6% over the past week.
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2024-12-08 14:41