A dormant Dogecoin wallet was reactivated after nearly a decade.
DOGE’s long-term prospects were not optimistic.
According to Whale Alert, a Dogecoin [DOGE] holder who owns more than 2 million worth of meme resurrected the wallet on February 5. At the time of writing, the holdings were valued at $186,364.
💤 A dormant address with 2,043,137 #DOGE (USD 186,364) has just been activated after 9.1 years!https://t.co/u8CyCqh1W5
— Whale Alert (@whale_alert) February 5, 2023
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The odd duck in the bite
Nine years ago DOGE was worth about $0.00022 – incredibly below its current value of $0.09. This clearly showed that the holder had made incredible profits from this unwavering faith in the cryptocurrency.
However, Santiment data showed that this particular wallet’s activity rebound did not go around. This was because of the five year old dormant circulation fell to 117,000.
But it is noteworthy to mention that there were notable spikes in the metric in November 2022. The increase during the aforementioned period meant that a series of dormant holders jumped out of inertia.
The same can be said of the past 365 days, where dormant circulation had fallen to 729,000.
Despite the downturn in the dormant period, active addresses on the Dogecoin chain improved over the past seven days.
The active addresses represent the total number of users who have sent or received an item over a network. Thus, the increase suggests that transactions were remarkably operational on the Dogecoin ecosystem.
While circulation rose in the past seven days, it was a different story with the statistic in the past 24 hours. The circulation describes the number of unique assets traded within an interval.
The drop thus showed that new addresses hadn’t jumped on the DOGE bandwagon. Thus, the growth in transactions was largely carried out by long-term Dogecoin holders.
Meanwhile, DOGEs projection of hitting $0.1 possibly hit a wall. According to CoinMarketCap, the value of the meme is down 3.30% in the past 24 hours. There was also a sliver in trading volume. But can DOGE bulge to the excitement of steadfast holders in the long run?
Realistic or not, here it is DOGE’s market cap in terms of BTC
It is a skeptical projection for DOGE
Indication of the daily chart showed an unusual projection for DOGE according to the exponential moving average (EMA). At the time of going to press, both the 200-day EMA (orange) and the 50-day EMA (yellow) were in the same place.
This condition means that it can be challenging for the DOGE value to rise significantly. So investors who believed the chants of a bull market return may need to proceed with caution.
There is even a chance that the value will drop if the 20 EMA (blue) is above both.
This post This Dogecoin wallet comes to life after nine years as a DOGE…
was published first on https://ambcrypto.com/this-dogecoin-wallet-comes-alive-after-nine-years-as-doge/