Whale DOGE Starts Activating 5.3 Million Dogecoins After Saving It For 9.8 Years

JAKARTA The recovery of the crypto market in the last few days has helped revive big players. One whale or whale that is a large number of crypto owners has started to activate 5.3 million DOGE after storing it for 9.8 years.

Whale Alert, a platform that monitors major transactions on various blockchains, reports that a Dogecoin address that has long been inactive is now starting to shut down. This address sends 392,000 DOGE to another unknown address on Monday, October 30, 2023.

This address still holds 5 million DOGE, which is worth 372 million US dollars or equivalent to Rp5.9 billion at the current DOGE price of Rp1,101 per coin. On-chain data shows that this address was created in 2013, when Dogecoin was just launched by Billy Markus.

Thus, this address includes one of the early buyers of Dogecoin, who is likely to get the coin at a very low price. According to CoinGecko, Dogecoin hit an all-time low of IDR 1.13 on May 6, 2015. Since then, DOGE has risen 97,110%. If this address buys DOGE at the price of ATL, then the potential profit is likely even greater.

The emergence of the DOGE whale sparked speculation from various parties, especially from the crypto community which assessed that the whale's actions would sell some of its assets and would no longer keep them or HODL. Although this view makes sense, it is not clear when the whale will sell them and how it will impact the market.

The Dogecoin meme coin itself experienced a significant spike along with other crypto assets in line with investors' positives on the Bitcoin Exchange Trade Fund (ETF) filing. Reportedly, the Bitcoin ETF is under review by the US Securities and Exchange Commission (SEC). The Bitcooin ETF proposal was filed by a number of leading investment management giants in the world such as BlackRock and others.