This past Tuesday, a dormant address with over two million Dogecoins (DOGE)—worth around $131,178—was reactivated after over ten years.
Some cryptocurrency fans are wondering why this old whale chose to emerge now since its awakening has sparked attention and rumours.
Software developers Billy Markus and Jackson Palmer developed Dogecoin as a humorous, light-hearted replacement for Bitcoin in December 2013. For microtransactions and online tipping on social and content sites, Dogecoin soon became popular. Its initial applications and perceived worth, however, were constrained, and it was frequently viewed more as an online fad than a reliable investment instrument.
Let’s fast-forward to the beginning of 2021, when the coin saw an unforeseen rise in popularity. Dogecoin was brought to public attention by the Reddit community, social media influencers, and even well-known billionaire Elon Musk. It rose to a market valuation of nearly $85 billion at one time, a far cry from its humble beginnings as a digital tipping tool.
Numerous speculations have been generated by the sudden activation of a nearly decade-old inactive address. Some people think that the original owner of the coins—possibly someone who was involved in Dogecoin’s early years—has come forward again.
Others think it could be related to current market action or the holder’s individual financial need. Despite rising 5% over the previous week, DOGE is still down more than 91% from its peak.
Whatever the cause, the incident has unquestionably increased the suspense in the unfolding story of this once-joke cryptocurrency that has grown to be a serious player.
