- A dormant Dogecoin wallet was reactivated after almost a decade.
- DOGE long-term outlook was not on the bullish side.
According to Whale Alert, a Dogecoin [DOGE] holder who owns over 2 million worth of the meme resurrected the wallet on 5 February. At the time of writing, the holdings were valued at $186,364.
💤 A dormant address containing 2,043,137 #DOGE (186,364 USD) has just been activated after 9.1 years!https://t.co/u8CyCqh1W5
— Whale Alert (@whale_alert) February 5, 2023
Is your portfolio green? Check out the Dogecoin Profit Calculator
The odd duck among thousands
Nine years ago, DOGE was worth about $0.00022— incredibly below the current value of $0.09. This obviously showed that the holder had made incredible gains from this unwavering faith in the cryptocurrency.
However, Santiment data revealed that the resurgence in activity from this particular wallet did not circulate around. This was because the five-year dormant circulation was down to 117,000.
But it is noteworthy to mention that there were notable spikes in the metric in November 2022. The increase during the period mentioned above meant that a series of dormant holders jumped out from inert.
The same could be said of the last 365 days where dormant circulation was down to 729,000.
Source: Santiment
Despite the downturn recorded in dormancy, active addresses on the Dogecoin chain improved in the last seven days.
The active addresses represent the total number of users that have either sent or received an asset via a network. So, the increase suggests that transactions were remarkably operational on the Dogecoin ecosystem.
While circulation rose in the last seven days, it was a different story with the metric in the last 24 hours. The circulation describes the amount of unique assets transacted within an interval.
Hence, the decline showed that new addresses had failed to jump on the DOGE train. So, the growth in transactions was mostly executed by Dogecoin long-term holders.
Source: Santiment
Meanwhile, DOGE’s projection of hitting $0.1 may have hit a brick wall. According to CoinMarketCap, the meme’s value decreased by 3.30% in the last 24 hours. There was also a shred in the trading volume. But can DOGE bulge in the long term to the excitement of steadfast holders?
Realistic or not, here’s DOGE’s market cap in BTC’s terms
It’s a skeptical projection for DOGE
Indication from the daily chart displayed an unusual projection for DOGE per the Exponential Moving Average (EMA). At press time, both the 200-day EMA (orange) and the 50-day EMA (yellow) were at the same spot.
This condition implies that it might be challenging for the DOGE value to rise notably. Thus, investors who have believed the chants of a bull market return might need to tread carefully.
In fact, there is a chance the value could slide lower as the 20 EMA (blue) positioned above both.
Source: TradingView