After Almost Nine Years, a Dormant Dogecoin Wallet Moves 2.37 Million DOGE
A Dogecoin address that had been inactive for more than eight years has transferred 2.37 million DOGE valued at more than $338k, according to a tweet from Whale alert today. The interesting point is that around an hour later, another on-chain tracker called Lookonchain validated this transaction and revealed that the whale’s holding cost was less than 0.000001.
The Act Could Be a Profit Acquisition by a Long-Term Investor and Not an Inflation Scheme
According to BitInfoCharts statistics, the whale has accumulated DOGE from the coin’s introduction in December 2013 until March 2014. According to the wallet tracker, the whale made a profit of around $326,401.43 due to the price move. The whale completely depleted his wallet in two purchases totaling 356,285 DOGE and 2,018,529.44 DOGE.
Although it is currently unknown if the 2.37 million DOGE found their way to exchanges, several users believe more is needed to impact cryptocurrency prices substantially. While riding the crest of Elon Musk’s Twitter takeover and online shenanigans, the doggie meme currency has had an interesting few days, breaking significant bear market formations and doubling in price.
As a result, it is not unusual to observe that both large-bag and long-term investors opt to sell their assets for a profit.
A Look Into Dogecoin Holder’s Moves
According to data from Lookonchain, the top 50 Dogecoin holders control 63.71% of the total supply. In addition, Lookonchain shows that these top 50 holders had decreased their holdings by 761 million DOGE in the previous week and 21 million in the last month. However, after October 31, they have also boosted their holdings by 484 million DOGE.
According to a further analysis, 12 holders increased the bags they were carrying last week, while just 7 did the opposite. As a result, it reveals conflicting feelings among the whales.
In the past seven days, according to Lookonchain’s estimation, 45.5 million and 1.2 billion DOGE have been transferred to Crypto.com and Binance, respectively. Expert analysts are aiming to short the meme coin down to its $0.11 low.
Dogecoin on the Spotlight
Elon Musk, who had reportedly shown interest in purchasing Twitter, finished buying Twitter on Friday. Dogecoin’s market value has increased by $10 billion, giving it a new lease on life a few hours after Elon Musk’s acquisition of the firm. The meme-inspired cryptocurrency has increased by more than 100% from Friday’s price. On Tuesday, it increased by more than 8% when Musk tweeted a picture of a Shiba Inu dog sporting a Twitter T-shirt and including a winking-face emoji.
Dogecoin is currently the ninth most valuable cryptocurrency after considering the most recent spike, with a diluted market value of $18.5 billion, according to statistics from CoinMarketCap.
Dogecoin has long been a favorite of Musk, who supported its growth during the cryptocurrency bubble of 2020 and 2021 and made jokes about it while a guest on Saturday Night Live.
Dogecoin’s recent growth coincides with the general crypto market’s ongoing bear market, with crypto giants like bitcoin and ether still down more than 70% from their all-time highs. Similarly, Dogecoin is still down from its record high despite the increase.
