According to a tweet posted by popular crypto watchdog Whale Alert, an old Dogecoin wallet that has not been active for nine years has suddenly awakened.
The news, which comes shortly after the report that Twitter owner Elon Musk wants the social media platform’s payments system to accommodate cryptocurrencies such as Dogecoin, has sparked a wave of optimism in the DOGE community, as it signals the potential for a more bullish position in the markets.
9-Year-Old DOGE Whale Comes Back To Life
A mysterious Dogecoin whale has emerged out of the blue and is making waves.
On Feb. 5, Whale Alert, a market-moving and market-tracking Twitter account announced the reawakening of a long-dormant Dogecoin whale. This address holds 2,043,137 million DOGE tokens (worth approximately $186,364K) and had not seen any activity in the last 9.1 years until yesterday.
Many Twitter users have been speculating about why whoever owns the wallet waited so long to reactivate it. Some suggested that the owner found the private key or hard drive that finally allowed them to unlock the fortune. Others said the person had been playing the long game.
Nonetheless, one observer pointed to the fact that the mysterious owner accrued a staggering $1.5 million during the DOGE price peak after investing a meagre $800.
It’s unclear at the moment what the whale in question intends to do with the Dogecoin. What is certain, however, is that the whale has had a lot of patience in the last nine or so years.
It’s been a rough couple of months for Dogecoin amid a market-wide downtrend. Dogecoin soared by 1.5% in the past 24 hours, as per CoinGecko data. The largest meme coin by market capitalization is now changing hands at $0.09238.
DOGE is down 37.5% over the past 12 months, but the coin has performed better than some other notable cryptos throughout the past year. Solana, for instance, has shed about 79.5% of its value over the last year due in large part to the FTX implosion.
DOGE has outperformed bitcoin over the past year in terms of retaining value, as the flagship cryptocurrency has declined by about 44.3%.
What is the next big thing for Dogecoin? Let’s watch this space.