Wednesday, November 30, 2022
HomeCrypto NewsMarketDormant Dogecoin Wallet Moves 2.37M DOGE After 9 Years

Dormant Dogecoin Wallet Moves 2.37M DOGE After 9 Years

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Dogecoin whale empties wallet after holding for over eight years.

In a tweet today, Whale alert confirmed that a Dogecoin address that has been dormant for over eight years had moved 2.37million DOGE worth over $338k.

Notably, another on-chain tracker, Lookonchain, confirmed this transaction about an hour later, disclosing that the whale’s holding cost was less than $0.001.

BitInfoCharts data reveals that the whale had accumulated DOGE from December 2013, when the coin launched, through March 2014. The wallet tracker estimates that the whale’s profit from the price change is about $326,401.43. The whale emptied his wallet in two transactions of 356,285 DOGE and 2,018,529.44 DOGE, respectively.

It is unclear now if the 2.37 million DOGE made its way to exchanges, but some users have opined that it is not large enough to cause a significant price reaction. The latest whale move comes as the doggy meme coin enjoys an exciting couple of days that have seen it break significant bear market structures and more than double in price, riding on the wave of Elon Musk’s Twitter acquisition and online antics

Consequently, it is not surprising to see both big bag holders and long-term holders decide to take a profit from their holdings.

Data from Lookonchain shows that the top 50 holders of Dogecoin hold 63.71% of the supply. Furthermore, Lookonchain reveals that these top 50 holders have reduced their holdings by 21 million in the past month and 761 million DOGE in the past week. However, they have also increased their holdings by 484 million DOGE since October 31.

A further breakdown reveals that 12 holders added to their bags in the past week compared to 7 who reduced their holding. As such, it shows mixed sentiments among the whales.

Lookonchain estimates that a total of 1.2 billion DOGE has made it to Binance and 45.5 million to in the last seven days. As reported by The Crypto Basic yesterday, experienced analysts are looking to short the meme coin back to the lows of $0.11.

DOGE is currently trading at the $0.14 price point.

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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