Ancient Dogecoin Address Contains 1.5 Million Awakened Tokens — Time To Buy DOGE?

DOGE price is up 0.5% in the past 24 hours to $0.0783 after the crypto market reacted positively to the latest rate hike decision by the Federal Reserve (Fed).

On a longer time frame, the top meme coin is down a paltry 0.5% over the past week, but is down 19% in 30 days, even though the meme coin is up 13% since the start of 2023.

DOGE is up slightly today also because the market is enjoying a small memecoin season, with PEPE and WSB beating most of the market right now.

Since the Dogecoin community is still expecting Twitter to introduce DOGE payments in the near future, the price could skyrocket soon.

Ancient Dogecoin Address have 1.5 million Dogecoins wake

Follow Cryptocurrency Data Tracker whale alertan inactive address containing 1,556,994 DOGE ($123,155) was awakened after 9.3 years of dormancy.

The address purchased shortly after DOGE went online shows the strength of this address for such a long period of time. It is also possible that the wallet retrieved the lost key and then recovered the account.

Recently, dormant Dogecoin addresses that had not moved deposits in years were reactivated.

Last month, a wallet with 1.2 million DOGE was also reactivated after being inactive for 9.3 years. This is not uncommon for cryptocurrencies where most holders hold for a long time.

According to the data display enter the block70% of DOGE holders are long-term holders, holding their coins for more than 1 year.

A total of 21% of holders held in the past year or 1 to 12 months, while 9% just bought in the last month.

Dogecoin, the ninth largest cryptocurrency by market capitalization, continues to gain traction. Dogecoin celebrated “Dogeday” on April 20, which coincided with the launch of its flagship Starship rocket.

Despite the unexpected, Dogecoin still garnered attention when “Dogeday” became a trend on Twitter.

In recent news, BIT Mining Limited has launched the LD4, their latest mining rig for LTC and DOGE mining. LD4 is an improved version of LD3, offering higher efficiency and computing power.

DOGE Price Prediction

Although the price turned green today, the DOGE indicator has entered a negative position, and the 30-day moving average (yellow) is about to fall below the 200-day moving average (blue). The formation of a death cross often indicates more declines.


Source: TradingView

On the other hand, the DOGE Relative Strength Index (purple) appeared to be trying to prevent further losses below 50, as the indicator was flat at 45.

Meanwhile, the meme token’s support hasn’t really dropped over the past week, suggesting it may not drop further in the coming days.

Also, Whale Alert disclosure A Dogecoin address containing 1.5 million DOGE has been reactivated after being inactive for 9 years.

This may indicate that the address holder is preparing to sell, although the activity of other DOGE whales is currently in disarray, with some funds being transferred to exchanges, and some tokens being transferred from exchanges, trading in the past few hours.

On a more positive note, the market has been hit by a token boom lately, with PEPE up over 600% in the past week.

This new trend has yet to expand to include DOGE, but once the enthusiasm surrounding PEPE and WSB coins fades, traders may turn to DOGE again.

As a token meme, there really isn’t any fundamental reason why investors should choose DOGE over other tokens other than its enduring popularity.

As such, the Dogecoin community continues to hope that Twitter under Elon Musk will eventually introduce Pay in DOGE and cryptocurrency sometime in the future.

While arguably this is largely wishful thinking, Musk is a prominent Dogecoin advocate, and Twitter last month partnered with eToro to offer real-time asset prices and the ability to buy cryptocurrencies through the social investing platform.

Additionally, internal sources confirmed in January that Twitter was accelerating its plans for digital payments. The social network even applied for payment licenses in some US states.

So it is indeed possible that DOGE payments and/or transfers will be made on Twitter soon. This will certainly increase the price of meme tokens to unimaginable levels.

In fact, the acceptance of the tweet would allow it to break through the current all-time high of $0.731578 before possibly hitting the round numbers in the next bull run.

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According to Kyptos

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