A long-dormant Dogecoin ($DOGE) wallet that had been inactive for nearly a decade has recently resurfaced with a treasure trove of the meme-inspired cryptocurrency that is now valued at $1.3 million after seeing returns of 30,000%.
According to data from the Dogecoin blockchain the wallet, first created 9.5 years ago, remained untouched since then in a display of what appears to have been a buy-and-hold strategy. Its sudden activity comes at a time in which financial behemoths with $27 trillion in assets under management started moving in on crypto.
The wallet’s lengthy hibernation gave rise to speculation that the owner is likely one of the intrepid early adopters who procured Dogecoin shortly after its debut. Dogecoin was created back in 2013 as a joke.
The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.
The wallet’s sudden activity also comes at a time in which HSBC Asset Management, the investment arm of the banking behemoth, warned that the United States is set to face economic headwinds in the latter part of this year, in what could potentially usher in a global recession.
Notably Dogecoin is well-known to be a cryptocurrency supported by various celebrities, including Twitter’s owner Elon Musk. Tesla, a company Musk heads, started accepting DOGE payments on its website in late 2021, allowing specific products such as its “cyberwhistle.” Musk has also hinted SpaceX could soon accept DOGE payments.
As CryptoGlobe reported, Musk has suggested that Twitter 2.0 will support payments, but did not reveal in what form this support will come. Musk has also helped push for McDonald’s to accept the meme-inspired cryptocurrency as a payment method.
Featured image via Unsplash
