An ancient Dogecoin (DOGE) whale has reappeared on the cryptocurrency market after more than a decade hiatus, attracting a lot of attention from the community. According to Whale Alert, this whale, which owns an impressive 893,303 DOGE, valued at approximately $145,101, has initiated transactions for the first time since May 2014.
The activation of this dormant account was triggered by the transfer of 23,338 DOGE, almost $4,000, to the world's largest cryptocurrency exchange, Binance. The move has sparked considerable speculation about the potential implications for the market, given the historical impact of similar events.
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For instance, the awakening of the oldest holders of cryptocurrencies has often led to changes on the market, as has been the case in past cases with participants in early ICOs, especially in Ethereum.
The general consensus and expectation is that these crypto market participants often sell their holdings to take profits after a long period of inactivity. A recent transfer on Binance supports this view, suggesting that the whale may be preparing to liquidate some of its assets.
💤 A dormant address containing 893,303 #DOGE (147,524 USD) has just been activated after 10.4 years!https://t.co/iUi27LPA3b
— Whale Alert (@whale_alert) May 22, 2024
Despite this significant transfer, this whale still owns over 869,964 DOGE, worth about $141,101. This significant stake continues to hang over the market, raising questions about future transactions and their potential influence on Dogecoin's price.
DOGE to USD by CoinMarketCap
While insignificant for market impact, the very nature of its actions may signal a shift in sentiment among "strong hands."
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This resurgence coincides with Dogecoin's recent rally, which has solidified its position as the eighth largest cryptocurrency by market capitalization. Each DOGE token currently has a value of $24.13 billion and a price of $0.167.