Ancient Dogecoin Whale Returns After 10.4 Years: What Did They Do Next?

Cover image via U.Today

An ancient Dogecoin (DOGE) whale has resurfaced on the cryptocurrency market after more than a decade of dormancy, garnering significant attention from the community. As per Whale Alert, this whale, boasting 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 prompted by the transfer of 23,338 DOGE, nearly $4,000, to Binance, the world's largest cryptocurrency exchange. This move has sparked considerable speculation about its potential implications for the market, given the historical impact of similar events.

For instance, the awakening of long-dormant cryptocurrency holders has often heralded market shifts, as exemplified in past instances involving early ICO participants, particularly in Ethereum. The general consensus and expectation is that these market participants often liquidate their holdings to realize profits after prolonged periods of inactivity. A recent transfer on Binance lends credence to this view, suggesting that the whale may be preparing to liquidate a portion 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 sizable transfer, the whale still retains over 869,964 DOGE, worth approximately $141,101. This substantial stake continues to loom over the market, raising questions about future transactions and their potential influence on Dogecoin's price. DOGE to USD by CoinMarketCap

Although the transfer may not have a significant market impact, the very nature of the whale's actions may signal a shift in sentiment among "strong hands."

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 holds a value of $24.13 billion and a price of $0.167.