A long-dormant Dogecoin whale, inactive for nine years, has suddenly become active again, piquing the interest of Dogecoin investors. This unexpected activity has drawn attention within the Dogecoin community.
The largest memecoin in the world, Dogecoin, has demonstrated positive performance, with its price increasing by over 10% in the past week. Currently, DOGE is trading at $0.068, and its market capitalization stands at $9.75 billion, making it the ninth-largest cryptocurrency by market cap.
Dogecoin Breaks Free from Multi-Year Descent
Recent candlestick patterns in the weekly chart suggest that Dogecoin is breaking out of a multi-year descending trend. Crypto analyst Ali Martinez highlights positive signs as Dogecoin escapes this long-standing descending triangle on the $DOGE weekly chart. The bullish outlook for DOGE receives additional support with a buy signal confirmed by the TD Sequential indicator within this time frame. This development is sparking optimism among Dogecoin enthusiasts.
Courtesy: Ali Charts
Dogecoin’s Potential for 20% Recovery
While Dogecoin’s recent sideways movement has been notable, there’s also potential for a 20% recovery from its current levels. A promising “Double Bottom” pattern, as previously reported, has emerged, supported by a broader market rebound, bringing Dogecoin to its current trading value of $0.69.
However, it’s worth noting that the coin encountered a minor setback when it reached resistance at $0.075. If the asset maintains its position above the initial support level of $0.067, it could pave the way for buyers to extend the recovery by an additional 20%, with the aim of reaching the pattern’s neckline at $0.085. This presents an interesting opportunity for Dogecoin investors.
Long-Dormant Dogecoin Wallet Reactivates
Whale Alert, a reputable cryptocurrency tracking platform known for monitoring large transactions, has identified the reactivation of a previously inactive address holding 5,392,984 Dogecoin. This wallet, with a current value of $372,461, had remained dormant for approximately 9.8 years, dating back to 2013 when DOGE was introduced by Billy Markus and Jackson Palmer as a playful side project.
💤 A dormant address containing 5,392,984 #DOGE (372,461 USD) has just been activated after 9.8 years!https://t.co/XKqB6FhC3K
— Whale Alert (@whale_alert) October 28, 2023
Just over three hours ago, Whale Alert reported that this reactivated wallet transferred 392,000 DOGE to a newly created blockchain address. This move suggests a possible distribution of a significant amount of Dogecoin from this long-dormant wallet to various other addresses. The revival of this wallet has garnered attention within the Dogecoin community.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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