Dogecoin Wallet Activates First Time After 2014; Elon Musk Effect?

Dogecoin (DOGE) Wallet Activity: In an interesting move, a mysterious Dogecoin (DOGE) wallet transferred assets after a gap of around nine years. Interestingly, the memecoin transfer coincided with Elon Musk Twitter takeover earlier in the week. On chain data showed that the mysterious wallet made transfer of huge DOGE tokens to multiple addresses. Around the same time, DOGE price rose highly as the crypto community anticipated Twitter integration of Dogecoin going forward.

Early Supporters Reactivated DOGE Wallet?

The last time the Dogecoin was under active use was in the fag end of 2014. Whereas Dogecoin (DOGE) was officially launched on December 6, 2013 as an open source peer to peer cryptocurrency. This means the wallet belonged to some of the earliest supporters of the Dogecoin project. As per Whale Alert findings on the said date,

“A dormant address containing 2,374,814 DOGE ($338,611) has been activated after 8.9 years.”

At around November 2 when the $338,611 worth transfer was made from the dormant wallet, DOGE saw a price jump by more than 100%. As of writing, DOGE price stands at $0.1283, up 4.46% in the last 24 hours, according to price tracking platform CoinMarketCap. In yet another big DOGE wallet transfer from Binance on November 5, there was transfer of around $6 million worth of Dogecoin.

“46,040,409 DOGE ($5,999,741) transferred from Binance to unknown wallet.”

Elon Musk All But Gave His Nod To Dogecoin Payments On Twitter

Elon Musk‘s support for Dogecoin gave the memecoin the much needed push during the current bear market cycle. On an expected note, DOGE price had at one stage jumped by around 125% after Musk’s official takeover of the social media company. Meanwhile, with the Tesla CEO’s taking charge, the crypto community is increasingly hopeful of Dogecoin’s integration in payments.

In fact, Musk almost gave the hint on his acceptance for Twitter Dogecoin payments recently. He even tweeted a picture of Shiba Inu dog wearing Twitter shirt on the occasion of Halloween. More interestingly, Musk liked the tweet of a Twitter user who asked about the possibility of crypto based payments. Till date, this is the closest Elon Musk got to signaling that crypto payments on Twitter will soon be a reality.

Musk’s vocal support for the memecoin has in the past resulted in brief periods of bullish runs. With his Twitter takeover, DOGE investors could be in for more such rallies in the near future. As the social media platform is all set to roll out the revamped Twitter Blue service with $8 fee, chances are crypto payment integration could be explored by the company.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.