Dogecoin Whale Transfers Hundreds of Millions of DOGE to New Wallet

Bittime - Recently, blockchain tracking platform, Whale Alert, detecting Dogecoin whale activity that transfers hundreds of millions of DOGE to unknown wallets. 

This whale activity has sparked various speculations, including the potential for a massive sell-off. Read this article to find out more!

Whale Dogecoin Transfer 816 Million DOGE

Just in one hour, more than 816 million DOGE changed hands via 2 large transactions by Dogecoin whales. 

The first transaction involves 466,890,148 DOGE valued at $149.1 million, while the second transaction recorded a move 350 million DOGE sworth $109.9 million.

The first transaction came from 3 different wallets, which were split into 15 small transfers before being combined. 

Meanwhile, the second transaction was carried out by one whale via 7 blockchain addresses, which were then moved to 2 new wallets.

Read Also: How to Join the Dogecoin Community, Here's How!  

Whale Dogecoin: DOGE Price 

After this large transaction carried out by Whale Dogecoin, DOGE prices immediately decreased. 

A few hours after the transaction, the price of DOGE fell by approx 3,44%, printing a long red candle on the chart.

After that, DOGE price experienced a small recovery. When this article was written, DOGE was trading only on the price $0,31077, having previously been at the level $0,32055.

Dogecoin Whales: Causes Massive Transfers

Speculation has also emerged due to the large-scale transfer carried out by Whale Dogecoin. Some believe that this big transfer was a preparation for dump or a massive sell-off. 

However, there has been no official confirmation regarding the actual purpose of the transfer of funds. This kind of phenomenon is not new in the crypto world. 

Whales often move large amounts of funds to new wallets, whether for security reasons, trading preparation, or other investment strategies.

Read Also: How Much Did $DOGE First Appear?  

Dogecoin FAQs

What is Dogecoin?

Dogecoin is a meme coin created in 2013 by Billy Markus and Jackson Palmer. Originally created as a joke, Dogecoin has now become one of the most popular crypto assets with a large and active community.

What is the Difference Between Dogecoin and Bitcoin?

Dogecoin has an unlimited supply, while Bitcoin has a maximum supply of 21 million coins. In addition, Dogecoin transactions are faster and have lower fees than Bitcoin, making them more suitable for everyday payments.

What is the use of Dogecoin?

Dogecoin is often used for online tipping, charitable donations, and micropayments. Apart from that, the community is also active in supporting social projects.

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Reference

Whale Alert, Whale Alert's Official X Account, accessed December 31, 2024.

Author: IPR