Dogecoin Whales Have Made Multiple Large Transactions Today
A few transactions involving a huge amount of DOGE have been spotted on the blockchain in the past day. As per data from the crypto transaction tracker service , the first of these transfers involved the movement of 450,000,000 DOGE, worth more than $40 million at the time of the transaction.As the scale of this transfer is quite large, the sender is likely to be a whale. Transactions from these humongous holders are generally the ones to watch for, since they can sometimes cause noticeable ripples on the market. Naturally, these transfers can both be bullish or bearish, depending on what the whale intended to do with the move.
Looks like this massive transfer only costed the sender a fee of $0.09 | Source:As can be seen above, both the sending and receiving addresses for this Dogecoin whale transaction were unknown addresses. “Unknown” here means that these addresses aren’t connected to any known centralized platform. So, usually, such addresses belong to personal investor wallets.
🐕🪙🐋🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨 352,422,225 ($32,672,007 USD) was transferred from a wallet to a wallet. Fee: 2.41 ($0.22 USD) Tx: — Ðogecoin Whale Alert (@DogeWhaleAlert)
🐕🪙🐋🚨🚨🚨🚨🚨🚨 61,918,730 ($5,740,300 USD) was transferred from a wallet to a wallet. Fee: 0.844 ($0.078 USD) Tx: — Ðogecoin Whale Alert (@DogeWhaleAlert)From the tweets, it’s apparent that these two transactions combined involved the movement of more than $38 million in the asset. Blockchain info for these two moves confirms that the same sending and receiving addresses were part of both transactions, meaning that a single whale was likely behind both of them.
The sender was a top 20 wallet here, implying that this Dogecoin whale was among the 20 largest on the network. On the receiving end of these two transfers was Binance, a cryptocurrency exchange.
As one of the main reasons why investors use exchanges is for selling purposes, transfers heading to these platforms can have bearish implications for the price of DOGE.These deposits to Binance have come after Dogecoin has rallied around 8% in the past day, following news that Elon Musk is planning to roll out cryptocurrency payments on Twitter. If the whale truly intended to sell here, then it’s likely that it was done to take advantage of the current profit-taking opportunity.
DOGE Price
At the time of writing, Dogecoin is trading around $0.0929, up 5% in the last week.
DOGE has shot up today | Source: