A Dogecoin (DOGE) address that has been dormant for 9.8 years has suddenly resurfaced, sparking a new wave of theses as touching the reasons for its re-emergence.
Activate DOGE Address Belongs to a Whale
According to data shared by Whale Alert, the dormant address contains a total of 5,392,984 DOGE worth approximately $372,461 at the time of writing. The onchain data showed the activation was sparked by a transfer made by the wallet which saw the sum of 392,000 tokens sent to an unknown DOGE address.
— Whale Alert (@whale_alert) October 28, 2023
The reawakening of dormant DOGE addresses has become quite rampant in recent times. As reported earlier by Coingape, a similar DOGE reactivation was recorded in June but this time, the resurfaced wallet contained a little over 2 million DOGE units.
Based on the age of this wallet, there are indications that the DOGE in this wallet was among the early buyers of the memecoin. Dogecoin was co-created by Billy Markus in 2013 and the 5.392,984 units the wallet contained must have been acquired at a price relatively lower compared to the $0.06899 DOGE is trading at today.
Since its inception, DOGE has printed a massive ROI and per data from CoinMarketCap, DOGE is up 80,614% from its All-Time Low (ATL) of $0.00008547 attained some 8 years back. Since this reawakened DOGE address was acquired earlier than this time, the gains are likely higher than this.
With the growing frequency of this re-awakening, one major explanation being nursed by members of the community is that the owner(s) of the coins are done HODLing and that there might be an imminent selloff soon. While this thesis sounds logical, what remains unclear is what possible timeline will be adopted and its broader impact on the market as a whole.
Visible Whale Action
Dogecoin went on a rampage alongside the rest of the market lately as investor sentiment soared on speculations that a Bitcoin spot ETF will soon be a reality. Besides the general market sentiment, DOGE has also recorded visible whale action in recent times.
These whale actions help complement retail accumulation in a bid to stir resilience in Dogecoin’s price irrespective of market sentiment per time.
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