Whales Trigger Speculation With DOGE Transfers
The recent movement of large amounts of Dogecoin (DOGE) by whales has sparked speculation about their intentions. In the last 24 hours, Whale Alert, a crypto tracking platform, reported a transfer of over 85 million DOGE worth $7.6 million from an undisclosed wallet to Robinhood, a digital asset exchange. Another unknown wallet moved more than 57 million DOGE worth $5.1 million to Robinhood on the same day. These transactions have increased the token’s total supply and raised questions about their potential impact on DOGE’s price.
Furthermore, an enigmatic Dogecoin whale transferred a staggering 450 million DOGE between two on-chain wallets, valued at approximately $41.5 million. Additionally, another large investor moved more than 64.7 million DOGE worth $6 million from an unknown wallet to Coinbase.
The significance of these transactions has put the DOGE community and the broader crypto market on edge as they may reveal larger market trends and the intentions of major players.
Dogecoin Price & Performance:
Following these massive transfers, the price of Dogecoin increased by 1.90% to $0.09282, and its trading volume surged by 29.55% to $647.1 million. This contrasts with data from IntoTheBlock, which indicated that whales accumulated over 1.32 billion DOGE earlier this month amid market anxiety.
Currently, DOGE is valued at $0.093 with a market capitalization of over $13 billion. Although it has lost momentum in the past week, the meme coin has experienced a remarkable rally of 18.4% in the last 30 days.
Despite its recent performance, Dogecoin is still trading well below its all-time high of $0.75 in May 2021. However, its trading volume in the last 24 hours has increased by 39%.
Hot Take: Dogecoin’s Whales Fuel Speculation
Whale activity in Dogecoin has captured the attention of the crypto community, with significant transfers raising questions about the intentions and potential impact on the token’s price. As DOGE continues to gain acceptance as a payment option and experiences fluctuations in value, it remains a highly-discussed cryptocurrency. The actions of these whales provide insight into market trends and the strategies of major players, keeping investors and enthusiasts on their toes.
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