A former Dogecoin (DOGE) whale has reappeared in the cryptocurrency market after a hiatus of more than a decade, 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.
A former Dogecoin (DOGE) whale has reappeared in the cryptocurrency market after a hiatus of more than a decade, 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.
Gamza Khanzadaev
For example, the awakening of older cryptocurrency holders has often caused changes in the market, as has happened in previous cases with participants in the first ICOs, especially on Ethereum.
The general consensus and expectation is that these crypto market participants often sell their holdings to make 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.
Despite this major transfer, this whale still owns over 869,964 DOGE, worth approximately $141,101. This major bet continues to hang over the market, raising questions about future transactions and their potential influence on the price of Dogecoin.
While insignificant to the impact on the market, the very nature of their actions may indicate a change in sentiment among the “strong hands.”
Gamza KhanzadaevThis resurgence coincides with Dogecoin’s recent rally, which has solidified its position as the eighth-largest cryptocurrency by market capitalization. Each DOGE token is currently worth $24.13 billion and priced at $0.167.
