Following the news of Elon Musk’s Twitter logo change (now removed), a very old Dogecoin wallet has made headlines in the crypto community-the wallet contains a huge amount of DOGE.
Summary
The news of the Dogecoin wallet has caused a stir in the crypto world, the large amount of DOGE contained in the wallet has also made chatter on Elon Musk’s social
Data from cryptocurrency transaction monitoring service Whale Alert show that in the past 24 hours a very old DOGE wallet moved onto the blockchain. The address in question had a balance of 1,215,614 DOGE, equivalent to nearly $116,000 at the current exchange rate, and had been inactive for 9.3 consecutive years.
As can be seen, the owner of the portfolio sent approximately 823 DOGE ($79) in this transaction. As the investor made another payment of 116,000 DOGE ($11,100) not long after this one, it is possible that this very small deposit was only a test transaction.
The wallet had been inactive for a long time before today’s transfers, which ended this period. The most recent transfer to the address was on 16 January 2014. On that occasion, the wallet received the last of a steady stream of multiple small deposits, totaling about 2,393 DOGE. On 21 December 2013, a transfer of 0.1 DOGE to the address was the first transaction of this Dogecoin wallet.
Interestingly, this address became operational only a few weeks after the introduction of Dogecoin, on 6 December 2013. This implies that the owner of this wallet was an early adopter of the memecoin.
The address received DOGE with a total value of about $412 while it was still operational. (This value is calculated by summing the dollar amounts involved in each transaction at the time of the transfer itself.)
This means that the wallet made a whopping 28.055% profit during its long period of inactivity. The same number of coins would have earned the holder nearly $900,000, or a gain of 218,346.6%, had the address been active in May 2021, when Dogecoin was at its all-time high of $0.74.
It is unclear why the address was only enabled now rather than when prices were significantly higher. Considering that addresses that remain inactive for such a long period usually have lost keys, it is possible that the owner misplaced the access keys and suddenly found them.
Artificial intelligence predicts the price of Dogecoin in the short term
Recently, the price of Dogecoin has experienced several fluctuations dictated by the news involving it. The price has received several surges, only to stabilize and then drop again.
The fact that the world’s most famous memecoin is back in the news puts investors on edge, uncertain whether the price of the DOGE token will rise or not. For this very reason, Finbold decided to consult an Artificial Intelligence specializing on cryptocurrency monitoring, PricePredictions.
The AI’s algorithms predicted the price of Dogecoin in the short term, specifically through 30 April, explaining that the DOGE token will be trading at $0.104 at the end of the month. The forecast sees a not exaggerated, but significant increase for Dogecoin, which currently stands at 0.075.
With regard to market analysts, on the other hand, when analyzing Dogecoin’s period they described it “bullish,” and like artificial intelligence, they also view a positive sentiment for the memecoin.
In conclusion, Dogecoin has been in the news again, following Twitter’s logo change, and the news of the active wallet after 9 years, investors were rightly intrigued. Perhaps now is the time to invest in Bitcoin?
