Data shows the Dogecoin wallet of one of the original adopters of the memecoin has suddenly woken up from a 9.3 years long slumber.
Dogecoin Wallet Revives After 9.3 Years: How Much Did It Make?
According to data from the cryptocurrency transaction tracker service Whale Alert, a transaction from a dormant address was spotted on the DOGE blockchain during the past day. This old address had carried 1,556,994 DOGE ($123,155) before its activation.
Detailed information about this wallet from the blockchain explorer service Blockchair reveals that the very first transfer this address made was on 23 December 2023.
Dogecoin had only launched earlier that month (6 December 2023), so the holder of this address must have been one of the earliest adopters of the cryptocurrency.
In this first transaction, the wallet received around 300,000 DOGE, worth about $117.30 when this transfer happened. The next day after this transaction, the holder received a similar amount of 304,995 DOGE again. This time, it seemed the price had been lower; this stack of coins was worth just $95.46.
On New Year’s Day, 2014, the investor emptied this wallet and made a profit of about $40. Later that month, the holder made two more purchases: one stack of 550,999.9 coins at $135.5 on 14 January 2014 and another larger one of 1,005,995 tokens at $1,230.3 on 29 January 2014.
Following this last transfer, the Dogecoin address went radio silent for around 9.3 years. It’s hard to say exactly why the investor would have done this, but one of the more likely reasons is that the holder may have lost the keys to their wallet.
It’s also uncertain why now, of all times, this address has come back to life. Perhaps the original holder or someone else only found the keys to the wallet now.
How much profit did this wallet accumulate while it was dormant? Before going silent, the address assembled its stack for around $1,365. Right before the transaction today, this same amount of tokens had been worth $123,155. This would suggest gains of a whopping $121,790 or an extraordinary 8,922% percentage return!
With its activation today, however, the Dogecoin wallet has shed some of its balance, as it has now transferred around 550,999 DOGE ($43,639) to two addresses.
Looks like this transfer only cost the investor a negligible fee of 1 DOGE | Source: Whale Alert
It’s unknown what the purpose behind this transaction was, as none of these wallets are attached to any known exchange. Generally, holders use exchanges when they want to sell, so these transfers may not have been made for selling-related purposes.
There is still the possibility that it was for selling after all, with the help of over-the-counter (OTC) deals. Even if this investor was selling these coins (or if they were to dump their entire stack), the effect on the market should be negligible, as the amount involved is still pretty small in the grand scheme.
At the time of writing, Dogecoin is trading around $0.0784, down 3% in the last week.
DOGE has been pretty stale in recent days | Source: DOGEUSD on TradingView
Featured image from iStock.com, chart from TradingView.com