Dogecoin Wallet Dormant For 10 Years Makes A Surprising Move— What's Going On?

A long-dormant Dogecoin (CRYPTO: DOGE) wallet has suddenly awakened after 10.2 years of inactivity. 

What Happened: Data from Blockchair.com records indicate that this wallet holds 747,645 DOGE, equivalent to about $119,623 at the present value.

The mysterious owner on Thursday transferred 100 DOGE from their sizable cache to another unknown wallet.

Shortly after nearly reaching the $0.2 mark on March 5, Dogecoin experienced a significant drop, losing more than 35% of its value to hit a low of $0.13. However, in the last 24 hours, it surged by 30.2% before sliding back down by 12%, now hovering around $0.1574.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Meanwhile, a pseudonymous cryptocurrency trader has shared an optimistic view on Dogecoin’s potential for substantial growth.

Altcoin Sherpa sees the possibility for Dogecoin to reach or even exceed the $1 threshold. 

The trader has his eyes on two critical resistance levels for Dogecoin—at $0.20 and $0.35. “The chart looks great in my opinion. Chopped for 650 days and then exploded up. $0.20 and $0.35 are the next interesting areas up.”

Data from IntoTheBlock sees a surge in the number of ‘DOGE millionaires’—addresses holding at least $1 million worth of cryptocurrency. Since late February, there’s been a notable climb in investors within the $1 million to $10 million bracket, typically categorized as sharks or smaller whales. The surge in DOGE has pushed the total count of these holders beyond 800, indicating a swelling of high-tier investment in Dogecoin.

Price Action: At the time of writing, DOGE was trading at $0.16, up 8.25% in the last 24 hours, according to Benzinga Pro.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

Photo by Vitalii Stock on Shutterstock