140k Bitcoin from the Mt. Gox debacle is to start being repaid within a few days. Many have speculated over what will happen to these coins when they are returned to victims of the hack. Will they sell? Will they hold? Perhaps they will look for other assets to acquire – will they buy Tamadoge?
Mt. Gox Bitcoin reimbursements starting soon
Mt. Gox are starting to distribute Bitcoin that has been off the market since 2011.
The repayments were originally scheduled to happen in August, but the legal team in charge of the repayments doesn’t appear to have been in much of a hurry over the past nine years. It has been confirmed that they will be distributed in a series of tranches over the coming months to creditors, who have been forced to hodl their Bitcoin since the hack.
Old whale moves 10k BTC
Two addresses that have been idly for nine years moved 10,000 BTC worth over $200m, and sent them to unknown wallets.
According to on-chain data, these BTC stem from the Mt. Gox hack. Once the 10k BTC was sent (in two lumps of 5,000 BTC), the Bitcoin was split up into much smaller amounts.
Further analysis shows that the likely owner of these wallets used to control a wallet that had 134,897 Bitcoin. The owner of this wallet owned a huge amount of Bitcoin at one time, but gradually sold tens of thousands between 2011 and 2013.
Since then, the wallet has not sold a single Bitcoin.
Many are speculating that, since the wallet was able to accumulate so much BTC at the time of the Mt. Gox hack, that this may have been the hacker himself, and that he is taking the time to move some of his Bitcoin before the rest of the Bitcoin holders on Mt. Gox are reimbursed.
How will Mt. Gox news affect the market?
The Mt. Gox news is clearly bad for the Bitcoin price: as more supply comes onto the market the price ought to decrease – when there is greater supply and it isn’t met with greater demand, a decline in prices is inevitable.
The last time Mt. Gox started to unload Bitcoin to return to creditors it marked the top of the 2017-2018 bull market. Now that we are in the midst of a bear market, it is quite possible that the distribution causes the Bitcoin price to fall even further.
Tamadoge presale raises $10m
The Tamadoge presale has now raised $10m, and is entering the final few stages of the raise.
Should those die-hard Bitcoin OGs from Mt. Gox wish to speculate on something more fun than Bitcoin, they will be free to either participate in the Tamadoge presale or (as is more likely given the timings of the Mt. Gox repayments) buy Tamadoge once it has listed on exchanges.
Tamadoge’s presale is almost complete, with 70% of the total presale now filled out. For those who wish to participate, the price will soon rise into the final stages.
At the current stage in the presale, one USD currently buys 44.44 TAMA. The next few price rises for what remains of the presale will mean that one USD can buy just 40 TAMA, 36.36 TAMA, and 33.33 TAMA respectively – this means that those who participate in the presale at this stage can still expect a high ROI upon listing.
Tamadoge - The Play to Earn Dogecoin
- '10x - 50x Potential' - CNBC Report
- Deflationary, Low Supply - 2 Billion
- Listed on Bybit, OKX, Bitmart, LBank, MEXC, Uniswap
- Move to Earn, Metaverse Integration on Roadmap
- NFT Doge Pets - Potential for Mass Adoption