Dogecoin gains traction as dormant wallet stirs, Bitcoin slides By Investing.com

Dogecoin (DOGE/USD) has been in the spotlight recently, with its price soaring by 4% and surpassing the $0.69 mark on Monday. The surge comes in contrast to Bitcoin’s (BTC/USD) downward trend.

A long-inactive Dogecoin wallet, which had been dormant since 2014, suddenly transferred 5,392,984 DOGE, equivalent to $372,461, to another wallet on Thursday and Friday of last week. The transfer was detected by Blockchair, a blockchain tracking tool. The value of the once dormant wallet witnessed an astonishing 80,000% increase to nearly $376,758 due to Dogecoin’s current trading prices.

The cryptocurrency was introduced on December 6, 2013, by Billy Markus and Jackson Palmer. They aimed to create a fun alternative to the serious crypto world, drawing inspiration from the Shiba Inu meme for the coin’s design. Markus was responsible for the initial four releases while Palmer managed the Dogecoin.com website.

Meanwhile, there is growing anticipation around the approval of a Bitcoin Spot ETF, which is expected to be a topic of discussion at Benzinga’s Future of Digital Assets event.

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