It was normal that some 872 million Dogecoins (DOGE) that had remained in their owners' wallets for five years returned to circulation this week. This means that those who had accumulated the cryptocurrency for a long time, decided to sell their belongings for a profit (about $ 287 million) in the middle of a bull run in the price of the cryptoactive.
On April 16, the cryptocurrency was trading for $ 0.44 after registering a 100% growth that led it to mark a new all-time high. This increase of 6,900% only in the month of April, aroused the interest of users who for years kept a crypto asset in reserve that did not cost more than 5 cents on the dollar.
Following this week's selloffs, DOGE's price has fallen as much as 19%, plummeting below $ 0.28, according to tradingview data, although it remains more than 100% above its price for the week. pass. However, the decline is not something that is surprising in the ecosystem, much less for those who have already warned it.
While some new users hoped to at least cross the $ 0.50 barrier to make a profit, others were shedding the DOGEs they held in their portfolios for five years or more. Thus, the invitation to hit the $ 1 mark actually became a hit in the face for DOGE fans aspiring for a gift in the form of quick winnings or instant fortunes.