Altcoin
10 Years Old Dogecoin Stash Sale Leaves DOGE Owner With Million-Dollar Loss
In a dramatic turn of events, a Dogecoin (DOGE) investor who held one of the largest DOGE wallets over the past decade missed out on a potential million-dollar gain by selling their tokens at an inopportune time. This wallet, which began accumulating DOGE in late 2013, finally sold its entire stash in late 2023. However, the sale preceded a significant price surge.
The Dogecoin Million-Dollar Fiasco
The wallet’s initial investment in DOGE was a mere $146.87, netting over 274,000 tokens just 21 days after Dogecoin’s launch. Throughout 2014, the wallet owner continued to invest. Hence, he initiated numerous purchases ranging from a few cents to a few hundred dollars.
By early 2015, the wallet had invested a total of approximately $5,000 in DOGE, amassing a significant amount of the meme crypto. Thereafter, the wallet remained inactive until 2023. During the dormancy period, Dogecoin’s value skyrocketed, particularly in 2021.
At the time, the King of Meme Coins gained substantial attention from social media and endorsements from high-profile individuals such as Tesla CEO Elon Musk. This surge propelled DOGE from less than 1/100 of a cent to a peak of nearly $0.74.
At its zenith, the wallet’s investment had swelled to over $4 million. However, the owner chose not to sell at that time. The subsequent crypto bear market of 2022 and 2023 saw DOGE, along with many other cryptocurrencies, lose significant value.
The Dogecoin price dropped more than 90% from its all-time high, reflecting the broader market’s downturn. However, by late 2023, as DOGE started to show signs of recovery. Hence, the wallet owner decided to sell all the Dogecoin tokens on October 28, 2023.
The sale, executed in three transactions, garnered approximately $370,000. These sales equating to 5.39 million DOGE at an average price of $0.068 per token. Ironically, soon after the sale, meme coins, particularly DOGE, experienced a resurgence.
DOGE’s Unprecedented Comeback
Since the sale, the DOGE’s price has surged nearly 120%, with a year-to-date increase of more than 60%. At its peak in 2024, DOGE reached a price of $0.23, a 235% increase from the selling price. If the wallet owner had held onto the tokens, the value would have climbed by an additional $870,000.
Moreover, selling at the peak in 2024 could have resulted in total proceeds of approximately $1.25 million. This would mark a potential gain of nearly $1.20 million from the sale. Despite the substantial return on investment from the initial $5,000, the timing of the sale highlights the difficulty in capturing optimal profits in such a volatile market.
Also Read: DOGE Price Prediction: How Growth In Market Interest Could Drive Dogecoin To $0.5
Dogecoin Latest Trends
The Dogecoin price trajectory is experiencing a correction lately, trading below $0.15. At the time of writing, the DOGE price was down by 1.32% to $0.1491 on Wednesday, May 15. Additionally, the 24-hour trade volume for DOGE plummeted 17.30% to $1.64 billion. Whilst, the largest meme coin held a market cap of $21.53 billion.
Furthermore, derivatives traders lowered their bet on Dogecoin futures as the open interest plunged 2.46% to $811.06 million. Moreover, longs led the liquidations in a bid to minimize losses from the downturn. The DOGE long liquidations amounted to $2.47 million in the last 24 hours, according to Coinglass.
Dogecoin’s Relative Strength Index (RSI) value stands at 48.8, indicating that it’s neither overbought nor oversold. However, the DOGE crypto is currently trading lower than its 50-day EMA of 0.1528, according to Trading View analytics. This indicates a short-term bearish trend for the meme coin.
Also Read: Meme Coins: Here’s Why DOGE, PEPE, FLOKI, BOME Prices Are Rising
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Arthur Hayes, the co-founder of the BitMEX crypto exchange, has been accumulating meme coins this past week. The crypto founder revealed that he is trying to create a meme coin portfolio ahead of ‘Uptober,’ while asking his followers to recommend coins for him to buy. So far, Hayes has mostly bought Solana coins, although Ethereum-based Pepe (PEPE) is his major meme holding.
Why Arthur Hayes Is Accumulating Meme Coins
The BitMEX co-founder revealed in an X post that he was creating a portfolio of meme coins considering that it is about to be ‘Uptober,’ in reference to October, which is historically bullish for Bitcoin and the broader crypto market. Before now, Arthur Hayes recommended trading these coins since Bitcoin was holding up well.
Therefore, Hayes believes that these coins are only likely to keep rising seeing as the current outlook in the market is bullish heading into October. He revealed memes that he already bought while asking his followers to shill him some of their best ones.
According to him, he already owns Solana’s meme coins, MOTHER and MOG, and Ethereum’s PEPE, which is the third-largest meme by market cap. SpotOnChain data shows that he currently holds 24 billion PEPE tokens. The other coins look to be held in an undisclosed wallet.
In another X post, Hayes revealed that he had also bought Smoking Chicken Fish (SCF), another Solana coin. Meanwhile, he hinted that he bought Ponke (PONKE), too. Besides PEPE, the MOTHER coin is believed to be one of the crypto founder’s largest meme holdings. He earlier mentioned doubling down on his position in the coin that Australian Rapper Iggy Azalea created. He stated that the coin is going to a billion market cap.
Meme Coins Are Again In The Spotlight
These altcoins are again in the spotlight, especially considering the attention they are gaining from crypto investors like Arthur Hayes. Thanks to Bitcoin’s rally, these coins have also been enjoying significant rallies of their own and even making life-changing gains for investors. CoinGape recently reported about a crypto investor that turned $1,300 into $12.45 million with Moo Deng, which just launched seventeen days ago on the Solana chain.
The foremost meme coins have also recorded significant gains in the last seven days. Dogecoin has rallied 16% in one week amid Elon Musk’s support. Shiba Inu and PEPE, the second and third largest memes by market cap, have recorded larger gains, rising 35% and 32%, respectively, during this period.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The crypto universe is set to witness a shift in market sentiments surrounding 13 coins, primarily due to massive token unlocks ahead. Traders and investors remain cautious as a colossal supply surge for these tokens looms over the horizon. Meanwhile, the 13 coins that are primed to witness this saga are Sui, Optimism, Immutable, ZetaChain, dydx, Maverick Protocol, Cardano, Ethena, Galxe, Manta Network, Liquity, 1inch, and Forta.
Market watchers are taking a bearish stance on these assets’ price action ahead, urging a selloff sentiment for them across the broader market.
13 Crypto To Sell On Risks Of Token Unlocks
Aligning with TokenUnlocks data, here’s a brief collection of the coins that are set to face unlocks in the imminent week and why market participants should steer clear of trading these assets.
Sui
SUI remains poised to witness an unlock of 68.79 million coins on October 1. Notably, 64.19 million coins are a part of cliff unlock, whereas 4.5 million SUI are a part of linear unlock on the same date. The unlock totals 2.47% of the coin’s circulating supply, posing a threat to the price ahead. SUI price traded at $1.64 today, down nearly 3% as of writing.
Optimism
OP is set to face a cliff unlock of 31.34 million coins, worth approximately $58 million, on September 30. This massive unlock equals 2.5% of Optimism’s circulating supply, raising investor concerns. OP price today gained nearly 4% to reach $1.86. The coin’s intraday low and high were $1.79 and $1.94, respectively.
Immutable
IMX prepares to witness a supply increase of 32.47 million coins, worth $57 million, with its token unlock on October 4. The unlock is equivalent to 2.02% of the asset’s circulating supply. IMX price today dropped nearly 2% to $1.76. The coin’s intraday low and high were $1.73 and $1.83, respectively.
ZetaChain
ZETA stands strong to face an unlock of 54.89 million coins, worth roughly $40.39 million, on October 1. This unlock is equivalent to a whopping 13.68% of the token’s circulating supply. Nevertheless, ZETA price today soared nearly 7% to $0.743. The crypto’s intraday low and high were $0.6836 and $0.7743, respectively.
dydx
DYDX will experience a cliff unlock of 9.88 million coins, worth $10 million, on October 1. This unlock totals 1.57% of the asset’s circulating supply. DYDX price today traded at $1.06, down nearly 1% from yesterday. The coin’s intraday low and high were recorded as $1.04 and $1.1, respectively.
Maverick Protocol
MAV remains poised to face an unlock of 39.87 million coins, worth $9.5 million, on October 1. Notably, 36.40 million coins will be unlocked as a part of cliff unlock, whereas 3.47 million MAV will be unlocked as a part of linear unlock. These unlocks, as a whole, total a whopping 10.47% of the coin’s circulating supply, posing a significant threat to the asset’s price. MAV price today traded at $0.240, up nearly 1% in the past 24 hours.
Cardano
ADA is primed to experience the unlock of 18.53 million coins, worth approximately $7 million, on October 2. This unlock equals 0.05% of the coin’s circulating supply. ADA price today traded at $0.399, down nearly 1% over the past day. The crypto’s 24-hour low and peak were recorded as $0.3936 and $0.4094, respectively.
Ethena
ENA readies for a cliff unlock of 14.89 million coins, worth $5 million, as of September 29. The cliff unlock totals 0.78% of the coin’s circulating supply. ENA price today jumped nearly 2% to $0.3588. The token’s intraday low and high were $0.3469 and $0.3732, respectively. Ethena Labs recently announced UStb stablecoin launch backed by BlackRock and Securitize.
Galxe
GAL is set to face an unlock of 2 million coins worth $5 million as of October 1. The unlock totals 1.57% of the crypto’s circulating supply. GAL price dipped nearly 3% today to trade at $2.37. Its 24-hour low and high were recorded as $2.33 and $2.50, respectively.
Manta Network
MANTA is readying for an unlock of 3.07 million coins, worth $3 million, on September 30. This unlock is equivalent to 0.8% of the total circulating supply. MANTA price today traded at $0.914, down 3.27% over the past day. The coin’s intraday low and high were $0.8841 and $0.9676, respectively.
Liquity
LQTY prepares for an unlock of 531.37K coins on October 4. The unlock equals 0.5% of the crypto’s circulating supply. However, LQTY price today gained nearly 4% to $0.983. The coin’s 24-hour low and peak were $0.9408 and $1.02, respectively.
1inch
1INCH prepares for a minimal unlock of 302.14k coins on September 30. The unlock is equivalent to 0.02% of the coin’s circulating supply. 1INCH price today traded at $0.304, down roughly 1% in the past 24 hours. The coin’s intraday low and high were $0.2957 and $0.3198, respectively.
Forta
FORT is set to witness an unlock of 2.66 million coins, with 2.61 million coins as a part of linear unlock and 50K coins in cliff unlock on September 29. This unlock totals 0.5% of the coin’s circulating supply. FORT price today traded at $0.128, up nearly 1% from yesterday. The coin’s 24-hour low and high were $0.1263 and $0.1311, respectively.
As mentioned above, in the coming week, 13 crypto tokens stand poised to witness a massive supply surge due to token unlocks. Notably, token unlock refers to a phenomenon wherein previously locked coins are released into the market strategically and periodically. However, this chronicle stages as a bearish aspect for assets’ prices as a supply surge induces a negative market sentiment, abiding by the law of supply and demand. Market watchers continue to stay bearish on these assets due to the abovementioned unlocks.
In addition, an X post by the Token Unlocks App revealed that a whopping $3.4 billion worth of crypto is to be unlocked in October. Apart from the abovementioned coins, Celestia (TIA), Worldcoin (WLD), and Solana (SOL) are to face massive unlocks ahead.
As per the data, TIA will face an unlock of $1.12 billion coins, WLD will face an unlock of $336.31 million worth of coins, and SOL will take the heat of $360.80 million worth of unlock in the coming month. Concerning this, traders might consider these tokens as crypto to sell ahead to avoid losses.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto analyst Tony Edward has resisted the criticisms of XRP while suggesting that the crypto will soon enjoy a parabolic rally. The analyst also posted a video on his YouTube channel that provided insights into how high the coin could rise when its bull run begins.
Analyst Is Certain XRP Bull Run Is Imminent Amid Criticisms
Tony Edward stated in an X post that haters will hate, but the charts show positive signs for the coin. His statement was in solidarity with an analysis by crypto analyst CrediBULL Crypto, which provided a bullish outlook for the XRP price. CrediBULL Crypto stated that a compression of almost seven years, which had formed on the higher timeframes, will end soon.
The analyst also highlighted the “mother of all bull flags,” which had formed on the XRP chart. He claimed that there is literally no bull pattern like this on any other crypto chart, especially since most of them haven’t existed for seven years, unlike XRP. CrediBULL Crypto indicated that the XRP bull would be legendary “when the old guard wakes up.”
In a video on the Thinking Crypto YouTube channel, Edward and CrediBULL Crypto also discussed the XRP price. CrediBULL Crypto noted that no coin in the space has consolidated as long as it has. However, that could be a good thing, as he claimed that “the longer the consolidation, the greater the expansion.”
Interestingly, the analyst predicts that the crypto could reach $10 at the minimum and rise to as high as $30 when the XRP bull run begins. CrediBULL Crypto remarked that it makes no sense to bet on the coin breaking down with Bitcoin about to go parabolic and the SEC Ripple lawsuit essentially over.
However, some market experts look to have their doubts about XRP. Grayscale excluded the coin from its Q4 top 20 crypto picks. Instead, the asset manager included coins like SUI, TAO, and CELO, which are currently ranked below in terms of market cap.
The SEC Ripple Lawsuit Could Be The Determining Factor
The SEC Ripple lawsuit could be the determining factor in whether the XRP bull run happens in this market cycle. CrediBULL Crypto highlighted how the coin’s price broke down following the lawsuit, which began in 2020. This partly affected the XRP price as it failed to record a new all-time high (ATH) in the 2021 bull run.
Although the lawsuit looks to be over, the US Securities and Exchange Commission (SEC) still has until October 7 to determine whether to appeal Judge Torres’ ruling on the programmatic sales. CoinGape reported that a former US SEC lawyer has predicted that the Commission will ‘probably’ appeal the ruling. This is based on the belief that the ruling on that issue is not a “good law.”
Therefore, XRP news like the SEC’s appeal would negatively impact the coin’s price. The crypto looks to be awaiting the October 7 deadline, seeing as it has made a slower price recovery than other coins following Bitcoin’s break above $65,000.
The XRP price is currently trading at around $0.59, down in the last 24 hours. The coin has recorded a price gain of less than 1% in the last seven days.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Here Are the Five Best Crypto Traders to Follow in October 2024
Which Altcoins Can Outperform Bitcoin in October 2024?
Dubai’s New Ads Rule and More
Bitcoin Correlation With S&P 500 Hits 2-Year High – What This Means For Investors
Wallet Phishing Scam Costs $32 Million: Inferno Drainer Linked
How Notcoin Price Could Hit $0.012, Produce $700 Million Profits
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Coinbase cbBTC Set to go Live on Solana
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Coinbase cbBTC Set to go Live on Solana
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Altcoin3 months ago2.52 Million Altcoins Are Ruining Crypto’s Future
-
NFT2 months agoAnimoca Brands Valuation Tanks 75% In Two Years, Here’s Why
-
Ethereum1 week agoCrypto exchange BingX hacked for $43 million
-
Ethereum1 week agoAre The Big Players Losing Interest?
-
Bitcoin5 days agoCoinbase cbBTC Set to go Live on Solana
-
Blockchain5 months agoHong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
NFT4 months agoBLUR Is Down 30%, And Whales Are To Blame–Here’s Why
-
NFT4 months agoNew And Upcoming NFT Projects
✓ Share: