The cryptocurrency market is rife with tales of early adopters who made a killing by investing in a digital asset before it went viral. A cryptocurrency with meme influences, Dogecoin, is no different. A dormant Dogecoin wallet that has been inactive for more than nine years recently made headlines when it suddenly became active. Let’s examine this unidentified wallet more closely.
The wallet made its first transfer on December 23, 2013, just a few weeks after Dogecoin launched, according to blockchain explorer ‘Blockchair’. As a result, the holder is one of the cryptocurrency’s pioneers. The wallet received a total of roughly 600,000 DOGE, perhaps a few hundred dollars at the time, in two distinct transactions.
Big Purchases
The wallet’s owner continued after that. The wallet made two sizable Dogecoin purchases in January 2014, one for more than 500,000 DOGE and the other for more than a million DOGE. These purchases cost more than $1,300 in total. The wallet acquired a total of about 1.5 million DOGE with these purchases.
A Long Silence
The wallet lay dormant for more than nine years following its final transfer in January 2014. Although the reason the wallet’s owner stopped using it is unknown, it’s possible that they forgot about it or couldn’t find their keys. Dogecoin’s price soared during this period, and the wallet’s balance increased to almost $120,000.
Return to Action
Whale Alert discovered a transaction from the inactive wallet on May 5, 2023. The wallet sent more than 500,000 DOGE to two different addresses. It’s unknown why, after all these years, the wallet finally became functional. Either the wallet’s owner discovered their keys inside, or another person may have accessed the wallet.
Potential Motives for the Transaction
The recent transaction’s motivation is also a mystery. There is no known exchange associated with any of the participating addresses, therefore it is doubtful that the transaction was done with selling in mind. But it’s possible that the owner of the wallet sold their coins in an over-the-counter (OTC) transaction.
The mystery surrounding the dormant Dogecoin wallet has not yet been fully unravelled. The tale, however, emphasizes the opportunity for early adopters to succeed financially in the cryptocurrency world. It serves as a reminder of the value of secure storage and key management because losing a wallet could result in significant losses.