Ancient Dogecoin Whale With 870K DOGE Reawakens After 11 Years as DOGE Slumps 5%

An ancient Dogecoin whale address has reactivated after eleven years of dormancy amid a recent pullback in the DOGE price.

Whale Alert, a prominent whale-tracking resource, first called the public’s attention to the recent development. The analytical platform confirmed in a recent post that the whale initially held a balance of 870,019 DOGE. 

The distribution campaign, which began on Dec. 7 at 11:41 UTC, started with the offloading of 50,000 DOGE. Further, the whale moved an additional 100,000 DOGE tokens and then transferred several batches of 67,500 tokens. After this, it then moved out 450,000 DOGE.

Possible DOGE Selloff

Interestingly, the address sent all the assets, totaling 870,000 tokens, to Coinbase, America’s largest crypto exchange. This move was likely an effort toward cashing out on his investment after eleven years of holding the assets. 

However, the latest development has had very minimal impact on the Dogecoin market, as DOGE remains largely unperturbed. Despite this, the market is currently down as the asset has slumped 5% over the past 24 hours due to a broader crypto market collapse. 

On-chain data shows that the address began accumulating Dogecoin in its early days. Notably, the wallet received the 870K tokens between December 2013, about two weeks after the launch of Dogecoin, and January 2014. 

The address received the assets in several uneven batches, with the first inflow involving 67,500 DOGE on Dec. 21, 2013. Afterward, the wallet then witnessed three more batches of 67,500 tokens as inflows across several minutes on the same day.

At the time of the transactions between December 2013 and January 2014, Dogecoin traded at an average price of $0.0007. This indicates that the tokens were procured with a meager $609. Eleven years later, the whale has now dissolved the investment at a price of $391,889, representing an ROI of 64,249%.

Dogecoin Eyes Second Push

This massive return comes despite Dogecoin’s recent pullback. Notably, market analysts insist that the meme coin is still on the verge of another parabolic upsurge. A prominent analyst Kevin believes the next leg will come up soon, with targets at $3.8 to $4.

Interestingly, while this address dumped, larger investors have been accumulating more tokens in anticipation of this upsurge. For instance, late last month, some whales procured 550 million DOGE tokens amid a price drop. Another set of addresses amassed 160 million tokens in mid-November. 

Meanwhile, Dogecoin has held above the pivotal $0.40 psychological support amid the ongoing market correction. The meme coin is down 5.92% over the past 24 hours, currently trading for $0.4345 at press time.