The Dogecoin [DOGE] market has been seeing increased activity. An ancient whale has resurfaced after over a decade, creating a splash in the market. According to Whale Alert, this long-dormant whale, possessing 893,303 DOGE worth around $145,101, has initiated transactions for the first time since May 2014.

The reactivation was marked by a transfer of 23,338 DOGE, equivalent to roughly $4,000, to Binance, the world’s largest cryptocurrency exchange. This action has sparked widespread speculation about its potential market impact. Despite this transfer, the whale holds around 869,964 DOGE valued at $141,101. This substantial holding continues to overshadow the market.

A dormant address containing 893,303 #DOGE (147,524 USD) has just been activated after 10.4 years!https://t.co/iUi27LPA3b

— Whale Alert (@whale_alert) May 22, 2024

Also Read: Dogecoin To Rise 25% This Week? Here’s The DOGE Price Target

Looking Back

Historically, the reawakening of long-inactive cryptocurrency holders has often led to significant market movements. This trend has been particularly noticeable with early participants in Initial Coin Offerings [ICOs], such as those involving Ethereum. The common expectation is that these dormant holders tend to liquidate their assets to cash in after long periods of inactivity. The recent transfer to Binance supports this theory, suggesting that the whale might be preparing to sell some of its holdings.

Meanwhile, Dogecoin has exhibited bullish behavior. The meme coin surpassed a resistance level at $0.1744, reaching a peak of $0.1746. Although it retraced on May 23, a return to the resistance level at $0.1744 seems likely. At press time, DOGE was seen trading at $0.1689, showing a 2% daily surge. While the asset hasn’t shown any major changes, the market hopes for an impending uptick.

Source

The reappearance of this ancient Dogecoin whale and the subsequent market activity highlights the dynamic nature of the cryptocurrency space, merging historical trends with emerging technological influences. As the situation develops, the crypto community is sure to be keenly observing.

Also Read: Dogecoin May End Price Prediction: Can DOGE Hit $0.2?

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