Dogecoin Rallies Amidst Major Whale Movements to Exchanges

Elon Musk Dogecoin

A notable transfer of Dogecoin (DOGE) to popular platforms like Robinhood and Coinbase has triggered speculation about how it might influence the price of this meme coin.

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Dogecoin (DOGE), once regarded mainly as a meme cryptocurrency, is gaining recognition as a payment option due to its low transaction fees and consistent support from billionaire Elon Musk. Recent notable activity by large DOGE holders, known as whales, has sparked speculation about the motives behind these significant transactions.

Large DOGE Transfers Spark Speculation Amid Market Attention

In the past 24 hours, substantial Dogecoin (DOGE) transfers have caught the attention of the crypto community. Whale Alert, a crypto tracking platform, reported a transfer of over 85 million DOGE, valued at approximately $7.6 million, from an undisclosed wallet to the digital asset exchange Robinhood.

On the same day, another unknown wallet with the designation “DGK…CUd” moved more than 57 million DOGE, worth roughly $5.1 million, to Robinhood. These transfers contribute to the speculation surrounding DOGE’s total supply and its potential impact on the cryptocurrency’s price.

Adding to the intrigue, a mysterious Dogecoin whale initiated speculation about DOGE prices by transferring a substantial 450 million DOGE between two on-chain wallets. At the time of the transaction, this sizable movement amounted to approximately $41.5 million in fiat value, according to Whale Alert.

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Simultaneously, another significant investor shifted over 64.7 million DOGE, valued around $6 million, from an undisclosed wallet to the cryptocurrency trading platform Coinbase.

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These noteworthy DOGE transactions have put the DOGE community and the broader crypto market on edge, prompting speculation about potential impacts on market trends and revealing the intentions of major players in the space.

Dogecoin Price and Trading Volume React to Large Transfers

In the aftermath of significant DOGE transfers, the price of Dogecoin experienced a 1.90% increase, reaching $0.09282. Simultaneously, its trading volume surged by 29.55% to $647.1 million. This contrasts with data from IntoTheBlock, indicating that whales acquired over 1.32 billion DOGE earlier in the month, despite market anxiety.

As of the latest update, DOGE is valued at $0.093, reflecting a 3.1% decrease in the past seven days. The meme coin’s total market capitalization exceeds $13 billion. Despite a recent week-over-week dip, DOGE has demonstrated resilience, boasting a notable 18.4% rally over the last 30 days, according to CoinMarketCap.

It’s worth noting that Dogecoin is still trading considerably below its all-time high of $0.75, achieved in May 2021. Additionally, the trading volume in the past 24 hours has witnessed a substantial 39% increase, indicating heightened market activity.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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