A dormant whale dog wakes up to make a $28 million transfer

Reports indicate that the Doge Wallet, which had been dormant for about two years, was recently activated.

According to data from the on-chain analytics network, Lookonchain, a wallet that had been dormant for nearly two years has recently been activated. Reports indicate that this wallet transferred about 326.4 million doge, worth $28 million, to another address.

Based on the data, this huge conversion took place on February 17th. Prior to its recent transfer, the wallet was last active in March 2021.

A tweet from Lookonchain asked the question: “Is anything going to happen to #Dogecoin?”

Expect price gains

Of course, many cryptocurrency investors will earn big money when anticipating some activity or related price action on the coin.

Dogecoin is currently trading at an average price of $0.086, down 2.3% from its value 24 hours ago. However, this meme coin is currently on a sharp decline, mainly due to the ongoing actions in the crypto markets.

While the coin was trading as high as $0.91 on the 16th day, it has declined significantly over the past 24-hour period. For example, the price of Doge dropped to around $0.084 a couple of hours ago.

Despite the trend below the 24-hour high, the charts indicate that Doge has been gaining bullish momentum in the past few hours. Additional charting analyzes indicate that this coin has recorded consistent positive price trends in the past 7 days, gaining about 5.34%.

However, the sharpest Doji price movements were recorded between the 15th and 16th. For example, on the 15th, the Doji started trading at $0.082, and rose to $0.091, which is an increase in value of nearly 10%.

The recent price increases in Doji between the 15th and 16th were triggered by Elon Musk’s recent post, in which he referred to a dog as the new CEO of Twitter.

The immediate support and resistance levels for the Doge are currently located at $0.85 and $0.90, respectively. As the crypto market is declining, the Doge is expected to decline and drop below its support level. However, there is a good chance that negative price movements are short-lived. Thus, the doji can continue its bullish momentum.