A centuries-old Dogecoin (DOGE) whale has returned to the cryptocurrency market after a long absence, according to a report from Whale Alert. With an impressive amount of 3.7 million DOGE, equivalent to approximately $662,519, this whale recently transacted for the first time since January 2014.
The unexpected return of this long-dormant investor has received significant attention within the crypto community, especially as it coincides with the impending DOGE Day on April 20 – a date of cultural significance for Dogecoin enthusiasts.
Throughout history, the sudden appearances of inactive whales such as these have often sparked speculation about possible market consequences. Examples of similar situations involving participants from previous ICOs, especially in Ethereum, have urged crypto enthusiasts to keep a close eye on market movements after such events.
This renewed interest comes at a time of increasing popularity for DOGE, solidifying its position as the eighth largest cryptocurrency by market capitalization. Currently, Dogecoin is valued at $25.5 billion, with each token priced at $0.17.
A few days before DOGE Day, Dogecoin was introduced
However, despite this renewed interest, volatility in April, with prices down 19.2% in the last four days. This downturn contrasts with the significant growth seen from February to March, which saw Dogecoin’s value increase by 180%.
As the old whale returns to trading, the cryptocurrency community is eagerly awaiting further developments and exploring the possible effect on market trends, especially as the long-awaited DOGE day approaches. The return of this old DOGE whale undoubtedly adds an extra dimension of curiosity to the growing narrative surrounding this popular meme-based cryptocurrency.
Source: https://cryptobenelux.com/2024/04/04/dogecoin-whale-ontwaakt-met-miljoenen-doge-en-56-666-winst/
