According to cryptocurrency data tracker Whale Alert, a dormant address holding 1,556,994 DOGE ($123,155) has been awakened after 9.3 years of inactivity. Dogecoin was created by founders Billy Markus and Jackson Palmer in 2013 as a joke.
The reawakening may indicate that the address purchased the coins not long after Dogecoin's launch. This highlights the holding power of such an address over such a long period of time. It is also possible that the wallet got its missing keys back and then revived the account.
Recent times have seen dormant Dogecoin addresses with deposits untouched for years reactivated.
In the past month, a wallet with 1.2 million Dogecoin was also reactivated after 9.3 years of inactivity. For a cryptocurrency whose majority of holders are in it for the long run, this is not unusual.
According to IntoTheBlock data, 70% of Dogecoin holders are long-term holders, having held their coins for more than a year.
A total of 21% of holders have held their coins within the last year, or between one and twelve months, while 9% of holders have only acquired them in the last month.
Dogecoin, the eighth-largest cryptocurrency by market capitalization, continues to be in the spotlight. Dogecoin celebrated the widely publicized "Dogeday" on April 20, which fell on the day of the flagship launch of the Starship rocket.
Although events turned out in an unexpected manner, Dogecoin still saw attention as the hashtag "Dogeday" trended on Twitter.
At the time of writing, DOGE was trading at $0.079, up 1.80% over the previous day. In recent news, BIT Mining Limited launched the LD4, its newest mining device for Litecoin (LTC) and Dogecoin (DOGE) mining. The LD4 is an improvement over the LD3 and offers more computing power and efficiency.