Dormant doge whale awakens to make $28m transfer

Reports indicate that a doge wallet that was dormant for nearly two years was just recently activated. 

According to data from the on-chain analytics network Lookonchain, a wallet that has been dormant for nearly two years was just recently activated. Reports indicate that this wallet transferred about 326.4 million doge, worth $28 million, to another address.

Based on the data, this massive transfer was made on Feb. 17. Before being recently moved, the wallet was last active in March 2021.

The tweet from Lookonchain posed the question, “Will anything happen to #Dogecoin?”

Anticipating price gains

Of course, many crypto investors will make big money when anticipating some activity or relevant price actions on the coin. 

Dogecoin is currently trading at an average price of $0.086, a 2.3% drop from its value 24 hours earlier. However, this meme coin is currently recording severe declines, mainly because of the ongoing actions in crypto markets. 

While the coin traded at a high of $0.91 on the 16th, it has significantly fallen within the past 24-hour duration. For instance, doge plunged to about $0.084 a couple of hours ago. 

Despite trending below its 24-hour high, the charts suggest that doge has gained upward momentum in the past few hours. Further chart analytics indicate that this coin has recorded constant positive price trends in the past seven days, gaining about 5.34%. 

However, the sharpest price movements for doge were recorded between the 15th and 16th. For instance, on the 15th, Doge began trading at $0.082, surging to a peak of $0.091, a value surge of nearly 10%.

The recent price surges in Doge between the 15th and 16th were triggered by Elon Musk’s recent post, where he referred to a dog as the new Twitter CEO.

Doge’s most immediate support and resistance levels currently stand at $0.85 and $0.90, respectively. Since the crypto market is declining, it’s expected that doge will drop and go below its support. However, there is a good chance that the negative price actions will be short-lived. Hence, Doge could continue with upward momentum.