A Dogecoin DOGE/USD wallet that had remained inactive for nearly a decade came to life on Sunday, carrying out a series of significant transactions worth hundreds of thousands of dollars.
What Happened: The wallet’s sudden activity was initially detected by the blockchain tracking platform, blockchair.
Upon investigation, blockchair revealed that the wallet 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 first received a stash of Dogecoin back in December 2013, when the cryptocurrency was trading at a mere $0.00054.
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Why It Matters: The long-term holder of DOGE secured a profit of $366,493 after holding onto the prominent meme token for almost a decade.
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.
In other news, crypto analyst Ali Martinez has expressed optimism about Dogecoin noting that it is breaking out from a multi-year descending triangle on the DOGE weekly chart. According to the analyst, this breakout, along with a buy signal from the TD Sequential indicator, reinforces the bullish outlook for DOGE.
Price Action: At the time of writing, DOGE was trading at $0.069, up 0.60% in the last 24 hours, according to Benzinga Pro.
Photo Courtesy: Vitalii Stock on Shutterstock
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