According to a tweet issued by the well-known cryptocurrency monitor Whale Alert, a nine-year-old inactive Dogecoin wallet has unexpectedly reactivated.
The announcement, which comes soon after a report that Twitter owner Elon Musk wants the social media platform’s payments system to support cryptocurrencies like Dogecoin, has prompted a surge of excitement in the DOGE community, as it indicates the possibility for a more positive market position.
Whale Alert, a market-moving and market-tracking Twitter account reported the reawakening of a dormant Dogecoin whale on February 5. This address, which owns 2,043,137,000,000 DOGE coins (roughly $186,364,000), was inactive for 9.1 years prior to yesterday.
Many Twitter users have speculated as to why the wallet’s owner waited so long to revive it. Some speculated that the owner discovered the secret key or hard drive that enabled them to finally have access to the riches. Others said the individual was playing the long game.
Nonetheless, one observer noted that the unidentified owner amassed an astounding $1.5 million at the DOGE price top with an initial investment of just $800.
What the whale in question plans to do with Dogecoin is still unknown. Unquestionably, the whale has shown a great deal of patience over the last nine or so years.
Dogecoin has had a difficult few months amid a market-wide decline. According to statistics from CoinGecko, Dogecoin has risen by 1.5% during the previous 24 hours. The price of the biggest meme cryptocurrency by market capitalization is now $0.09238.
DOGE is down 37.5% over the last year, but the currency has outperformed other major cryptocurrencies during the past year. Solana has lost around 79.5% of its value over the last year owing mostly to the collapse of FTX.
DOGE has surpassed bitcoin in terms of value retention over the last year, while bitcoin’s price has decreased by 44.3%.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.