Elon Musk's Twitter Logo Tweak Awakens Ancient Whale Holding 1.2M Dogecoin After 9 Years

A dormant address holding more than 1.2 million Dogecoin DOGE/USD has been activated after 9.3 years of lying inactive.

This comes a day after Elon Musk replaced Twitter‘s famous blue bird logo with that of a Shiba Inu dog, the same breed that inspired the creation of Dogecoin.

What Happened: According to Blockchair, a crypto portfolio tracker, the Dogecoin wallet address in question contains 1,215,614 DOGE, which translates to approximately $116,460 at current market rates. 

It is unclear why the whale address has chosen to reactivate their account after such a long period of inactivity.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

On Monday, after Musk replaced Twitter’s blue bird logo with a Shiba Inu dog, there was a drastic surge in the price of Dogecoin, raising it by over 30% within 30 minutes.

Though the exact motive behind Twitter's decision to use Dogecoin's icon remains unclear, some speculations have linked it to Musk's affinity for the meme-inspired currency.

Price Action: DOGE was trading at $0.097 up 1.10% in the last 24 hours, according to Benzinga Pro.

Read More: Dogecoin Tumbles While Bitcoin, Ethereum Spike: Analyst Sees ‘Crucial Area’ For Apex Crypto To Reach $30k