- Over the last month dormant whale addresses have turned suddenly active after 9.3 years of inactivity, holding millions of DOGE tokens.
- Dogecoin rival Shiba Inu, however, has emerged as the most popular memecoin in the market.
As per the latest data from WhaleAlert, an inactive Dogecoin wallet holding 1,556,994 DOGE (valued at $123,155) which was dormant for almost 9.3 years has been recently reactivated. Memecoin DOGE, co-founded by Billy Markus and Jackson Palmer is the only memecoin that holds a spot in the top ten cryptocurrencies by market.
Thus, any kind of whale activity can induce volatility in the cryptocurrency. Although the Dogecoin whale has turned active, there’s not much movement seen for the DOGE cryptocurrency. As a result, we are not seeing much volatility with the DOGE price down by only 0.72 percent and trading at $0.078.
💤 A dormant address containing 1,556,994 #DOGE (123,155 USD) has just been activated after 9.3 years!https://t.co/BpWr0etUk1
— Whale Alert (@whale_alert) May 4, 2023
However, there’s some kind of speculation regarding why the wallet owner waited so long before turning active once again. Some believe that the owner might have stumbled upon the private key just now while others believe that the DOGE whale might have opted to play a long-term game.
Considering that the whale turned active 9.3 years after launch, it is clear that it acquired DOGE just after its launch. Recently, several dormant Dogecoin addresses that remained untouched for several years have turned active recently.
Last month in April, someone also revived another wallet address containing 1.2 million DOGE coins that remained inactive for nearly 9.3 years. As per the data from IntoTheBlock, more than 70 percent of DOGE holders have held their coins for a year and more, showing long-term interest in the memecoin. Another 21 percent of the DOGE investors have held their coins for a period of one to twelve months, while the rest have acquired them during the last month.
Shiba Inu topples Dogecoin as the most popular memecoin
In another development, Dogecoin competitor Shiba Inu has emerged as the most popular memecoin currently in the market. This comes despite new memecoins like PEPE, Baby DOGE Coin, Floki Inu, and others entering the competition.
A new study from CoinGecko examines the total number of pageviews for the top 15 memecoins by market cap. Shiba Inu turned into the topmost popular memecoin in the US, driving a staggering 60.7 percent of interest. The study notes:
People are by far most interested in Shiba Inu, which drove 46.7% of interest among the top meme coins in 2023. Baby Doge Coin generated 12.3% of meme coin interest, followed by more recent meme coins Pepe (9.4%), Floki (8.6%) and Bonk (8.2%).
The study also noted that the US currently leads the world in the memecoin interest overall, followed by India and the UK. It adds:
The US is unsurprisingly leading the meme coin craze, accounting for 23.6% of the interest in 2023 so far with over 2 million views of the top meme coin pages. The most popular meme coin in the US this year is Shiba Inu, which generated 60.7% of US interest in meme coins. Recent trending crypto Pepe drove another 11.8% of meme coin interest in the US, followed by Bonk and Volt Inu.
