Data provided by a tracker service detected a very unusual activity involving a Dogecoin wallet lying dormant for a little more than nine years. The said wallet suddenly showed signs of life and a withdrawal was seemingly made a few days ago.
Last Activity Before the Withdrawal
According to Blockchair, the last transaction of the wallet address “DGqsyVuebmkSkNmMV88LEHP8xYBWUHRkx9” was on December 31, 2013, before it all went dark. The first of which was on December 15 of that same year.
Based on the data, the person’s wallet contained a total of 2,043,137.95255408 Dogecoins. The DOGE was initially purchased at $0.0002979 per coin. The first transaction saw the owner pour in $7 for a sum of 24,894 DOGE, then subsequent purchases were made until it accumulated the said total amount of DOGE amounting to $806.75 at that time.
For some unknown reasons, the wallet seized its operations and lay dormant for exactly 9.1 years.
The Recent Activity
A sign of activity was detected based on the wallet statement of the user on February 6, 2023. There were two at that time.
The first saw the owner transfer a balance of 10,176 DOGE with a prevailing value of $937.4 at the time of the activity. The second, which saw the user wipe out the remaining balance of 2,032,961 DOGE immediately came soon after. The latter netted the owner around $187,268.3.
Overall, the coins would have been sold at that period for around $188,205.7 for a 23,228.9% profit after only acquiring them for $806.75.
What’s the Fuzz All About?
Aside from making 23,228.9% profit, what makes this user interesting is that this person is one of the first adopters of the coin. It should be noted that Dogecoin was introduced only on December 6, 2013. Nine days after that, the transaction history of this particular user showed that he/she immediately made a coin transfer in his/her wallet.
DOGE was originally released as a parody of cryptocurrencies after the rising popularity of Bitcoin at that moment. It’s for that reason that used the famous Shibu Inu dog meme as a logo. Fast-forward to today, it’s already one of the leading cryptos in the market.
As of writing, DOGE has a circulating supply of 138,048,446,384 coins with a market cap of $12,719,366,157.
What Could Be the Reason?
There are speculations as to what happened before the wallet went dormant. A popular theory is that the user may have lost the keys to the wallet and it was only discovered recently.
The lost key theory may be the most viable reason since the person seemingly missed out on the peak prices of the coin in May 2021. If he/she cashed out when each coin was at its peak value of $0.682 all the coins would have sold for as much as $1,393,420.08.
The same factor would have been the reason why that person cleared his/her entire wallet in just two swipes. The first transaction was probably simply testing the waters. Upon confirmation of the initial transaction, the user emptied the entire wallet.