An inactive dogecoin ($DOGE) address 1,556,994 DOGE ($123,155) has reemerged after remaining dormant for 9.3 years. Dogecoin, the brainchild of founders Billy Markus and Jackson Palmer, was originally developed in 2013 as a lighthearted parody of cryptocurrency.
The revival of this dormant address suggests that the coins may have been acquired shortly after Dogecoin’s inception, highlighting the resilience of such an address over an extended period. Another possibility is that the wallet’s missing keys were recovered, allowing the account to be reactivated.
This phenomenon of long-inactive Dogecoin addresses coming back to life has been observed in recent times, with accounts containing untouched deposits for years being reactivated. Just last month, a wallet containing 1.2 million Dogecoin resumed activity after 9 years of stagnancy.
As reported, tens of billions of tokens of the meme-inspired cryptocurrency are now being held by long-term investors, as entities that have been HODLing onto the cryptocurrency for over a year now have 44.8 billion tokens, worth over $3.7 billion.
According to data from crypto analytics firm IntoTheBlock, this is the highest amount of DOGE’s supply held by long-term investors since October 2021, when the cryptocurrency was trading at around $0.30. The firm’s data also shows that the population of long-term DOGE investors has been steadily rising since the start of the year.
Dogecoin, currently the eighth-largest cryptocurrency by market capitalization, remains a prominent figure in the industry. The coin gained widespread attention during the highly publicized “Dogeday” on April 20th, which coincided with the flagship launch of the Starship rocket.
Although events unfolded in an unanticipated manner, Dogecoin still garnered interest as the hashtag “Dogeday” trended on Twitter. The cryptocurrency was also recently listed on exchange Coins.ph (launched in 2014), which claims to be “the most established crypto brand in The Philippines” with over 16 million users, announced that it would be adding support for $DOGE later today
Featured Image via Unsplash