Dogecoin Rises 4% — Trades Above $0.069 As Old Wallet Moves 5M Coins (UPDATED)

Editor’s note: This story has been updated to correct the trading price for Dogecoin.

Dogecoin DOGE/USD has witnessed a 4% surge today, surpassing the $0.069 threshold, all while Bitcoin BTC/USD continues to experience a decline.

What Happened: This comes as a Dogecoin wallet suddenly made three separate transfers on October 28 and October 29, shifting 5,392,984 DOGE worth $372,461 to a different wallet after being idle for 9.8 years.

The wallet's sudden activity was initially detected by the blockchain tracking platform, blockchair. The wallet in question had remained inactive since 2014

However, in light of Dogecoin’s current trading prices, the value of the wallet has skyrocketed by 80,000% to approximately $376,758 since its last activity.

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Why It Matters: Dogecoin, initially created as a lighthearted joke in late 2013 by Billy Markus and Jackson Palmer, emerged as a playful response to the overly serious nature of the cryptocurrency world at the time.

The duo believed that cryptocurrency needed an infusion of fun. Jackson took charge of creating the Dogecoin.com website and became the public face of Dogecoin, while Billy single-handedly developed the first four releases.

On December 6, 2013, Dogecoin was officially launched, drawing inspiration from the popular Doge meme. The meme featured a charming Shiba Inu dog with colorful, comic sans text in the form of thought bubbles, adding to its whimsical appeal.

Price Action: At the time of writing, DOGE was trading at $0.071, up 3.99% in the last 24 hours, according to Benzinga Pro.

Photo by Dennis Diatel on Shutterstock

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