Cryptocurrency Mystery: Dogecoin Wallet Awakens After 9 Years, Surging 30,000% – What’s Behind the Dormancy?

Interestingly, data from Whale , a cryptocurrency transaction tracker service, indicates that an extremely old DOGE address has suddenly shown signs of activity within the last 24 hours. This Dogecoin wallet had remained inactive for approximately 9.5 years, and prior to its recent activation, it held a total balance of 2,002,447 DOGE (equivalent to approximately $131,178 at the time of becoming active).

💤 A dormant address containing 1,215,614 #DOGE (116,460 USD) has just been activated after 9.3 years!

— Whale (@whale_) April 4, 2023

Information from the Blockchain Explorer platform Blockchair reveals that the wallet’s first transaction occurred on December 19, 2013. Notably, the meme coin’s public launch on December 6, 2013, suggests that the wallet’s owner was likely among the earliest adopters of this cryptocurrency.

Within a few hours after the initial transfer from the address, three additional transactions occurred, accumulating DOGE coins worth $662.66. However, the wallet became inactive following these four transactions, with no withdrawals or further deposits recorded. This dormancy continued until the recent day when activity resumed.

Here are the details of the recent transfer that has ended the 9.5-year-long silence of this particular Dogecoin wallet

After being activated, the Dogecoin wallet experienced a withdrawal of 1,111 DOGE (approximately $73). However, this withdrawal appears to be just a test transaction, as the wallet subsequently made a much larger transfer of 999,999 DOGE ($64,745) shortly after that.

Impressive Profit Margin: Analyzing the Wallet’s Financial Performance

The wallet’s recent transaction, which marked the end of its dormant period, occurred on January 16, 2014, involving the transfer of approximately 2,393 DOGE to this address. Before this final transaction, the wallet had received several smaller contributions in a continuous stream.

Notably, on December 21, 2013, the wallet received its first transaction, with a deposit of only 0.1 DOGE into the address. It is worth highlighting that this address started receiving payments two weeks before the official launch of Dogecoin on December 6, 2013. This suggests that the owner of this wallet was likely one of the early adopters of the cryptocurrency. Reports indicate that the address accumulated around $412 worth of DOGE during its active period in the past.

Based on the data, the wallet achieved a staggering profit of 28,055 percent during its period of inactivity. However, had the address been active during Dogecoin’s peak value of $0.74 in May 2021, the same stack of coins would have been worth around $900,000, representing a gain of 218,346.6 percent. It remains unclear why the address has been activated now instead of during periods of higher prices

Recent bullish momentum in Dogecoin, highlighted by Twitter changing its image to the DOGE meme, may have influenced the timing of the address activation Currently, the wallet still retains a balance of approximately $106,500, indicating that the investor has not yet exhausted all of their holdings.