A big Dogecoin owner moved 71.2 million DOGE, worth $6.3 million, from a private wallet to Robinhood, as reported by Whale Alerts on social media.
This week, there’s been a noticeable increase in large Dogecoin transfers to and from exchanges. Meanwhile, the price of DOGE has been fluctuating, reaching a high of $0.097 and a low of $0.089.
Dogecoin Whales Trigger Speculation Amidst Significant Transfers
Recent substantial transfers of Dogecoin (DOGE) by large holders have sparked speculation about the cryptocurrency’s near-term future. Typically, when whales make significant transfers, it suggests they might be gearing up for a major buying or selling move that could influence the price.
Specifically, on-chain data reveals that 71.2 million DOGE tokens moved from the private address “DF8jRK” to the Robinhood-linked address “DHQsfy.” This transfer constituted a significant portion of the “DF8jRK” address’s holdings, which currently stands at 36.3 million DOGE tokens, valued at around $3.3 million.
The transfer to Robinhood, a prominent crypto exchange, raises concerns that the whale could be preparing to sell their DOGE holdings, potentially impacting the price negatively.
🚨 71,224,271 #DOGE (6,392,254 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/mSNJ8HSSot
— Whale Alert (@whale_alert) December 26, 2023
Meanwhile, Whale Alerts has documented other notable transfers in recent days. One instance involves the movement of 367 million DOGE tokens, worth $33.6 million, between two undisclosed wallets. Additionally, 999 million DOGE tokens, valued at $91 million, were sent from Binance to an unknown wallet in the past 24 hours. Notably, Binance clarified that this transfer was part of its routine wallet maintenance.
DOGE bears continue to vie for control | Source: DOGEUSD On Tradingview.com
Dogecoin’s Mixed Performance Amidst Increased Network Activity
Dogecoin’s price movement in the current year has been notably less volatile compared to its historical enthusiasm among traders. Presently trading at $0.09255, marking a 0.29% decrease in the last 24 hours, DOGE has remained relatively stagnant. Over the past 30 days, however, it has shown a modest 16% increase.
In December, DOGE reached its highest point of the year at $0.10. Crypto analyst Ali Martinez highlights a rise in network activity, particularly an uptick in the creation of new DOGE addresses.
Despite its status as the largest meme coin and holding the fifth-largest address count in the crypto market, with 5.29 million addresses containing a balance, a significant portion of these addresses appears inactive. According to IntoTheBlock’s Active Addresses Ratio, only an average of 2.73% have been active in the past 30 days, shedding light on the mixed dynamics of Dogecoin’s current market standing.
Source: IntoTheBlock
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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