Kit moved 2.37 million DOGE worth over $338,000 for the first time in 9 years

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According to the Whale Alert service, a major owner of the meme cryptocurrency Dogecoin moved 2.37 million DOGE worth more than $338,000 from an address that had been dormant for about nine years.

Another service, BitInfoCharts, also shows that the "whale" has not used its Dogecoin address for about nine years, accumulating DOGE on it since December 2013, when the coin was launched.Now, the user has emptied his wallet by making two transactions of 356,285 DOGE and 2,018,529 DOGE.

A dormant address containing 2,374,814 #DOGE (338,611 USD) has just been activated after 8.9 years!https://t.co/OGQWQJN7kG

— Whale Alert (@whale_alert) November 2, 2022

The movements were made afterThe meme cryptocurrency has grown significantly in price, reaching $0.15. The growth is due to the fact that last week billionaire Elon Musk, who supports the DOGE cryptocurrency, completed a deal to purchase the social network Twitter.

It is therefore not surprising that the holders of the largeDOGE numbers want to make a profit on their long-term investments. It is unclear whether the owner sold his 2.37 million DOGE on exchanges, but some users believe that this is unlikely to affect the future price of the coin.

Recently analyst Peter Brandtsuggested that the bearish trend has ended for DOGE, but you should not expect that the crypto asset will always be in the “green zone”. In recent months, the number of “whales”, who own between 100 million and 1 billion DOGE, has increased by 5%.