Dogecoin Whales Transfer Over 600 Million Tokens
Whales holding Dogecoin (DOGE) have recently moved more than 600 million tokens, worth over $52 million, through large transactions on popular exchanges like Binance and Robinhood. One notable transaction involved the transfer of 300 million DOGE, worth $24.62 million, from an unknown wallet to Binance. Another significant transfer saw a whale move 151.68 million DOGE, worth $12.49 million, from Robinhood to an undisclosed wallet.
These transactions suggest that some whales are taking advantage of the recent price dip by selling their DOGE holdings. However, there is also a transfer of DOGE from Robinhood to an unknown wallet, indicating that some investors are expecting the price to rise in the future.
DOGE Price Plunges 10%
The price of Dogecoin has dropped by 10.10% in today’s trading session, reaching $0.08243 as of January 4, 2024. Over the past week, the meme coin has lost about 12% of its value, and its one-month losses have reached approximately 9%. The sudden decline in price occurred on Wednesday when DOGE fell from $0.092 to $0.082 within two hours.
Despite the price drop, the trade volume for DOGE has significantly increased by 141.46% to $1.08 billion in the past 24 hours. However, the market cap of Dogecoin has decreased by 9.95% to $11.77 billion.
Hot Take: Dogecoin Faces Challenges Amidst Whale Transactions and Price Decline
Dogecoin is currently facing challenges as whales continue to move large amounts of tokens, potentially contributing to the price decline. These transactions indicate that some investors are selling their DOGE holdings, while others believe in the future potential of the meme coin. The recent 10% drop in price has added to the overall losses experienced by DOGE in the past week and month. Despite this, there has been a significant increase in trade volume, suggesting continued interest in Dogecoin among traders. As the crypto market remains volatile, it will be interesting to see how Dogecoin’s price and investor sentiment develop in the coming days.
By
By
By
By