According to data provided by Whale Alert, a Dogecoin (DOGE) address was recently activated for the first time after a whopping 11 years of dormancy.
The address contains 870,019 DOGE tokens that are currently worth nearly $400 million.
The leading meme coin by market capitalization was launched back in 2013, which means that the aforementioned address has been around since the coin's very inception.
The cryptocurrency quickly gained prominence and managed to build a rather passionate online community. In early 2014, the Dogecoin community gained some mainstream media coverage after raising funds to send the Jamaican bobsleigh team to the Winter Olympics.
Instead of fading into obscurity like many prominent altcoins from 2013, Dogecoin ended up becoming bigger than ever in 2021, with its market cap soaring above $90 billion.
Godfrey BenjaminDogecoin is still down roughly 40% from its record high that was recorded in May 2021, but it recorded a substantial rally last November.
Hence, it is not far-fetched to assume that some diamond-handed holders are taking profits now that the token has experienced significant price appreciation.
Last month, two other ancient Dogecoin addresses were activated after nearly 11 years of inactivity (on Nov. 10 and Nov. 24, respectively).
Prior to the recent rally, such transfers were relatively rare. More decade-old DOGE addresses were activated in May and April.
According to CoinGecko data, Dogecoin remains the seventh biggest cryptocurrency by market capitalization, surpassing Cardano (ADA). It is up by nearly 6% over the past week.
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Godfrey Benjamin
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov