A long-dormant Dogecoin ($DOGE) wallet that has sat idle for nearly a decade has recently resurfaced with a trove of the meme-inspired cryptocurrency now worth $1.3 million after a 30,000% return.
The wallet was first created 9.5 years ago and has remained untouched since then, according to data from the Dogecoin blockchain, in what appears to be a buy-and-hold strategy. Its sudden activity comes as financial giants with $27 trillion in assets under management are beginning to move into cryptocurrencies.
The wallet’s long dormancy has fueled speculation that the owner may have been one of the brave early adopters who bought Dogecoin, which was created as a joke in 2013, shortly after its debut.
The cryptocurrency community is known for its philanthropic projects, including helping charitable organizations. In 2014, the company made headlines when it raised more than $25,000 worth of DOGE for the Jamaican bobsleigh team to compete in the Sochi Winter Olympics.
The sudden activity in wallets comes as HSBC Asset Management, the investment arm of the banking giant, warned that the United States will face economic headwinds in the second half of the year that could trigger a global recession.
It is worth noting that Dogecoin is a cryptocurrency that is known to be supported by many celebrities, including Elon Musk, the owner of Twitter. Tesla, led by Musk, began accepting DOGE payments on its website at the end of 2021, allowing for specific products such as "cyberwhistle". Musk also hinted that SpaceX may soon accept DOGE payments.
Musk has hinted that Twitter 2.0 will support payments, but has not revealed what form that support will take, CryptoGlobe reported. Musk also helped push McDonald’s to accept the meme-inspired cryptocurrency as a payment method.
