A dormant address containing over two million Dogecoins (DOGE) — worth approximately $131,178 — was activated after nearly a decade of inactivity earlier this Tuesday.
This awakening is stirring interest and speculation, prompting some crypto enthusiasts to wonder why this ancient whale decided to resurface now.
Dogecoin was created by software engineers Billy Markus and Jackson Palmer in December 2013 as a fun, light-hearted alternative to Bitcoin. Dogecoin quickly gained popularity for microtransactions and online tipping on social and content platforms. However, its initial uses and perceived value were limited, often seen more as an internet meme rather than a serious investment asset.
Fast forward to early 2021, when the coin experienced an unexpected surge in popularity. The Reddit community, social media influencers and even notable billionaire Elon Musk propelled Dogecoin into the spotlight. At one point, it achieved a market cap of over $85 billion, a far cry from its early days as a digital tipping tool.The recent activation of a near-decade dormant address has sparked numerous theories. Some believe that the original holder of the coins, possibly someone associated with Dogecoin's early days, has resurfaced.
Others speculate that it may be linked to recent market activity or the holder's personal financial needs. DOGE is up 5% over the past week, but it is still down more than 91% from its all-time high.
Regardless of the reason, the event has undeniably added more intrigue to the ongoing narrative of this once-joke-turned-major cryptocurrency.
Arman Shirinyan
