Is it time to purchase the dog coin whale address that resurfaced 9.8 years later?As people speculate more about potential selling, the address of the dog coin whale wallet that has been dormant for 9
Is it time to purchase the dog coin whale address that resurfaced 9.8 years later?
As people speculate more about potential selling, the address of the dog coin whale wallet that has been dormant for 9.8 years has resurfaced
A dog coin wallet address that had been dormant for 9.8 years suddenly resurfaced, sparking a new wave of papers exploring the reasons for its resurgence.
Dog coin wallet address belongs to whales
According to the data shared by WhaleAlert, as of the time of writing, the dormant address contains a total of 5392984 DOGEs, valued at approximately $372461. On chain data shows that this activation was triggered by a transfer made by the wallet, with a total of 392000 tokens sent to an unknown DOGE address.
In recent years, the reawakening of dormant DOGE addresses has become quite rampant. As reported earlier by Coinnape, a similar reactivation of DOGE was also recorded in June, but this time, the reappeared wallet contained slightly more than 2 million DOGs.
Based on the age of this wallet, there are indications that the DOE in this wallet was one of the early buyers of memecoin. Dogcoin was co created by Billy Markus in 2013, and compared to the current transaction price of $0.06899 at DOGE, the purchase price of 5.392984 units included in the wallet is definitely relatively low.
Since its establishment, DOGE has achieved a huge return on investment, and according to CoinMarketCap data, DOGE has increased by 80614% from its historical low of $0.00008547 (ATL) 8 years ago. Due to the fact that the awakened DOGE address was obtained before this time, the revenue may be higher than this.
As the frequency of this awakening increases, a main explanation proposed by community members is that the owner of the token has already completed holding and may soon experience a sell-off. Although this paper sounds logical, what is currently unclear is the possible timeline and its broader impact on the entire market.
Visible Whale Action
Recently, with investors speculating that the spot ETF of Bitcoin is about to become a reality and their emotions rising, Bitcoin has surged along with other currencies in the market. In addition to overall market sentiment, DOGE has recently recorded significant whale actions. These whale actions help replenish the accumulation of retail investors, thereby stimulating the elasticity of dog coin prices no matter how market sentiment is.
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