A long-dormant Dogecoin (DOGE) wallet has recently come back to life, making a significant transaction after being inactive for nearly a decade. Whale Alert, a platform that tracks large cryptocurrency transactions, first noticed the movement of the funds.
According to Whale Alert, this ancient DOGE wallet transferred 5,392,984 DOGE, valued at $372,461 at the time of the transfer. This wallet had been dormant for 9.8 years, making this sudden activity quite notable.
BitInfoCharts, a blockchain tracker, reveals that the wallet made three separate transactions on October 28th, completely draining its balance. The first deposit to this wallet occurred in December 2013 when DOGE was trading at $0.00054. After holding onto this meme token for almost ten years, the wallet owner has now realized a profit of $366,493.
Interestingly, the wallet that received the DOGE stack in this recent transaction still holds all the tokens. This suggests that the funds are still under the control of the original owner and have not been sold or transferred elsewhere.
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Whale Alert has also picked up on other significant Dogecoin transactions involving this popular meme cryptocurrency. On October 27th, an unknown wallet sent 350 million DOGE, valued at $23.7 million, to the retail-focused trading platform Robinhood. Since this DOGE trove was sent to an exchange, it is possible that it may be sold on the open market.
At the time of writing, Dogecoin is trading at $0.0696, representing a 1.55% increase in the past 24 hours.
This sudden activity in the long-dormant DOGE wallet and other significant transactions involving Dogecoin highlight the continued interest and usage of this cryptocurrency. Despite being initially created as a joke, Dogecoin has gained a considerable following due to its fun and lighthearted nature, as well as its active and dedicated community.
Investing in cryptocurrencies can be risky, and investors are advised to conduct thorough research before making any high-risk investments. The Daily Hodl, the source of this news article, does not provide investment advice and encourages readers to seek professional guidance before making any financial decisions.
In conclusion, the awakening of a long-dormant Dogecoin wallet, along with other notable transactions involving the meme cryptocurrency, indicates the ongoing popularity and adoption of Dogecoin. This event serves as a reminder of the potential profitability and volatility of investing in cryptocurrencies, further emphasizing the need for individuals to exercise caution and diligence in their investment strategies.
