Dogecoin Whales Accumulate Millions of DOGE
Dogecoin whales are making big moves in the market as they continue to buy up hundreds of millions of DOGE. Whatโs interesting is that these whales are using brand new addresses, adding a layer of mystery to their actions.
Curious Transactions by New Whales
According to Whale Alert, a platform that tracks large crypto transactions, there have been several intriguing transactions carried out by new Dogecoin whales. One wallet received 515 million DOGE, worth $44 million, and then sent out over 512 million DOGE to another new wallet. Another wallet later sent out 400 million DOGE, worth $34.11 million, to yet another new wallet.
Possible Explanations
There are two possible explanations for these movements:
- Over-the-counter (OTC) transactions: Whales buying coins directly from owners without impacting the market.
- One owner spreading out holdings: A single investor dividing their large holdings across multiple wallets.
Impact on DOGE Price
If these transactions are OTC purchases or the actions of one owner, there may not be a negative impact on the price. OTC buying reduces sell pressure, while one owner spreading out holdings suggests a bullish outlook. So far, none of these coins have been sent to centralized exchanges for selling.
The DOGE price has remained relatively stable above $0.084, but it has slipped out of the top 10 cryptocurrencies by market cap. Tron and its native token TRX have taken its place as the 10th-largest crypto project.
๐ฅ Hot Take: DOGE Whales on the Move ๐ฅ
The recent accumulation of DOGE by new whales raises questions about their motives. Whether itโs OTC transactions or one owner diversifying their holdings, the impact on the price remains uncertain. However, the fact that these coins have not entered centralized exchanges suggests a bullish sentiment. Keep an eye on how these movements unfold and their potential implications for the DOGE market. ๐
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