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Power Of 'Hodling:' 9-Year Old Dormant Bitcoin Wallet Springs Into Action As Its Value Surges 345618%

An ancient and dormant cryptocurrency wallet containing Bitcoin (CRYPTO: BTC) worth nearly $28.35 million has seen a sudden movement.

What Happened: The movement in the Bitcoin wallet was first noted by Decrypt on Sunday, which reported that the wallet had laid dormant for nearly nine years, citing data from Blockchain.com.

The wallet received 616.2004 BTC worth $8,195 on Dec. 10, 2012, at a time when BTC traded around the $13.30 mark.

Years later, on Sunday, the owner of the wallet moved the BTC to another wallet.

Additionally, the pot’s value has grown by 0.00001 BTC through 21 transactions of ultrasmall quantities over 12 years. These amount to 46 cents, as per prevailing BTC rates.

At press time, BTC traded 4.32 lower over 24 hours at $45,980.55.

Why It Matters: The owner of the BTC wallet has gained a whopping ​​345618.42% by staying invested all through the years.

See Also: Dogecoin Creator Warns ‘Being Your Own Bank’ Comes With Its Own Set Of Risks For Crypto Users

The wallet is an illustration of the point that early investors in the apex cryptocurrency who purchased BTC for small amounts are today’s whales in some instances.

This year alone, BTC’s price has grown 56.86% since January. In comparison, Spot Gold has fallen 7.90%, while the S&P500 index has returned 19.79%.

Last year, a wallet cashed out $500,000, which prompted unfounded speculation that it was connected to Bitcoin’s pseudonymous creator Satoshi Nakamoto. In Sunday’s instance, such fears are not warranted, as per Decrypt.

Read Next: Bitcoin, Ethereum, Dogecoin End The Week On Lackluster Note As Stablecoin-Regulations Take Center Stage In Washington

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