According to the Whale Alert service, a major owner of the meme cryptocurrency Dogecoin moved 2.37 million DOGE worth more than $338,000 from an address that had been dormant for about nine years.
Another service, BitInfoCharts, also shows that the “whale” has not used his Dogecoin address for about nine years, accumulating DOGE on it since December 2013, when the coin was launched. The user has now emptied his wallet by making two transactions for 356,285 DOGE and 2,018,529 DOGE.
A dormant address containing 2,374,814 #DOGE (338,611 USD) has just been activated after 8.9 years!https://t.co/OGQWQJN7kG
— Whale Alert (@whale_alert) November 2, 2022
The moves were made after the meme cryptocurrency rose strongly in price, reaching $0.15. The growth is due to the fact that last week, billionaire Elon Musk, who supports the DOGE cryptocurrency, completed a deal to buy the social network Twitter.
Therefore, it is not surprising that holders of a large number of DOGEs want to profit from their long-term investments. It is unclear whether the owner sold his 2.37 million DOGE on exchanges, however, some users believe that this is unlikely to affect the further price of the coin.
Recently, analyst Peter Brandt suggested that the bearish trend for DOGE is over, but you should not expect that the crypto asset will always be in the green zone. In recent months, the number of “whales” holding between 100 million and 1 billion DOGE has increased by 5%.
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