According to the Whale Alert service, a large owner of the Dogecoin meme cryptocurrency moved 2.37 million DOGE worth more than $338,000 from an address that had been inactive for about nine years.
Another service, BitInfoCharts, also shows that the "whale" has not used its Dogecoin address for about nine years, accumulating DOGE on it since December 2013, when the coin was launched. Now the user has emptied his wallet by making two transactions on 356,285 DOGE and 2,018,529 DOGE.
“A dormant address containing 2,374,814 #DOGE (338,611 USD) has just been activated after 8.9 years!” - Whale Alert (@whale_alert) November 2, 2022
The moves were made after the meme cryptocurrency rose strongly in price, reaching $0.15. The increase is due to the fact that last week billionaire Elon Musk, who supports the DOGE cryptocurrency, completed a deal to buy the social network Twitter.
Therefore, it is not surprising that holders of a large number of DOGE want to profit from their long-term investments. It is unclear whether the owner has sold his 2.37 million DOGE on exchanges, however, some users believe that this is unlikely to affect the further course of the coin.
Recently, analyst Peter Brandt suggested that the bearish trend has ended for DOGE, but you should not expect that the crypto asset will always be in the "green zone". In recent months, the number of "whales" in possession of 100 million to 1 billion DOGE has increased by 5%.