Ancient Dogecoin Whale Suddenly Awakens After 10.2 Years As Analyst Says DOGE Has ‘Too Much Firepower’

A mysterious Dogecoin wallet that had been inactive for over 10 years has suddenly come back to life. Crypto data tracker Whale Alert reported earlier today that a dormant address holding a substantial amount of DOGE had just been activated.

Dormant DOGE Whale Wakes Up From 10.2 Years Of Inactivity

A dormant Dogecoin whale address has just been revived after 10.2 years.

Dogecoin — a coin based on a popular meme featuring a Shiba Inu dog — was created in 2013 by Jackson Palmer and Billy Markus as a way to poke fun at the crypto industry.

The revived wallet is 10.2 years old, which means it was created in late 2013. This makes the mysterious owner an early Dogecoin investor. According to Whale Alert, the Dogecoin address contains 747,645 DOGE. These holdings are currently worth approximately $113,344 at current prices, per WhaleAlert’s estimation.

The holder has transferred a small portion of his Dogecoin cache — 100 DOGE — to another unknown wallet.

The awakening of this wallet coincides with a correction in the price of DOGE. After almost hitting $0.2 on March 5, the original meme coin fell by over 35% to as low as $0.13, according to data from CoinGecko. In the past 24 hours, DOGE jumped 30.2% before tumbling 12%. DOGE is trading for $0.1574 at press time.

While the identity of the wallet’s owner remains a mystery, it serves as a reminder of the importance of hodling, which stresses the long-term accumulation of crypto assets.

Can Doge Hit $1 In 2024?

Meanwhile, a widely-followed crypto trader believes DOGE could rocket over 6x from the present levels.

Known to his 209.9K followers on X as Altcoin Sherpa, the trader suggested that the canine-themed token can reach the elusive $1 milestone with the help of billionaire Elon Musk.

As you are aware, Dogecoin’s popularity has been stirred by high-profile endorsements from celebrities and wealthy moguls like Elon Musk, who has repeatedly voiced his support for the meme coin on social media. Traders are now eagerly anticipating the integration of Dogecoin into Musk’s X app.

“DOGE: some random notes on this one: I think that this does something stupid, like go to $1-plus or something. It’s got too much firepower with Elon and is still king meme,” the trader said.

However, Altcoin Sherpa has yet to determine when DOGE will climb to $1. “Could be now, could be 6 months from now,” he added. In his opinion, Dogecoin is “a *relatively* safe trade” as the token’s chart looks great.

The analyst is also closely monitoring whether the meme coin can turn two pivotal resistance levels at $0.20 and $0.35 into support, which would further confirm his bullish view.