Long-dormant Dogecoin address was reactivated, sparking more public interest in DOGE

By Selena 02/6/23 5:16 PM

A Dogecoin (DOGE) address with 2,043,137 DOGE tokens ($186,364) has just been activated, according to Whale Alert, after a staggering 9.1 years of hibernation. Public interest in the activation has grown, with one user pointing out that the owner of the address made an incredible $1.5 million at the pricing high by only investing $800.

Ancient Dogecoin (DOGE) Address Suddenly Wakes Up

Notably, the address appeared immediately after a Financial Times article about Twitter CEO Elon Musk creating a payment method for the well-known social media network that would eventually accept cryptocurrencies like DOGE.

The history of Dogecoin has been a little turbulent. A joke about a token was created between engineers Billy Markus and Jackson Palmer. Shiba Inus inspired that. A Shiba Inu dog image from the well-known meme “Doge” and Bitcoin are combined in this coin.

When Markus and Palmer launched the virtual currency, which took off immediately and attracted more than a million unique visits to the Dogecoin website in its first month, they had never met.

The money, built from the open-source Litecoin software project, gained popularity for “tipping” online and rewarding users for “good actions.” Then, mainstream media outlets like The Guardian began to notice it. After then, Dogecoin rose to the position of second-most-tipped currency and attained a market value of $8 million.

Despite its early success, Dogecoin’s importance declined. This changed in 2021 when bitcoin saw a boom in popularity due to excessive attention from big-name celebrities like Elon Musk and Snoop Dogg.

DOGE/USD 4-hour chart | Source: TradingView

It has so far withstood many bubbles. It is still determining whether it will surpass its previous record high. Since hitting a record high of $0.731578, DOGE has fallen 87.3%.

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