Meme-based cryptocurrency Dogecoin (DOGE) Recently, whale trading has increased significantly as cryptocurrency prices have improved.
300 million Dogecoin (DOGE) were dumped on cryptocurrency exchanges.
Recent data from Whale Alert, an on-chain cryptocurrency tracker. exposed A huge amount of Dogecoin (DOGE) has been transferred to Robinhood. This whale trade has caught the attention of traders and investors in the larger cryptocurrency space.
According to a cryptocurrency tracker, the transfer was orchestrated this morning by an unknown wallet address. A wallet address identified as DDuXG.ruc1wwKF sent approximately 300 million DOGE to cryptocurrency trading platform Robinhood.
Here is the post:
300,000,000 #DOGE (25,033,123 USD) was transferred to #Robinhood from an unknown wallet.
Based on the current Dogecoin price, the whale’s trading value is approximately $25 million. The whale moved a significant amount of Dogecoin to: robin hood Relatively low network cost of only $0.18. This is likely to take advantage of times when fees and congestion are low.
DOGE’s move to Robinhood suggests the whale is looking to sell its tokens, sparking speculation in the larger cryptocurrency market. However, the price increase of meme-based cryptocurrencies appears to run counter to the dumping of tokens on exchanges.
today, The price of DOGE It is sitting at $0.0839, which means the price is up more than 2% in the last 24 hours. Meanwhile, its market capitalization also reflects the same percentage increase, at $11.9 billion, according to CoinMarketCap.
Similar whale transactions were also recently detected by on-chain trackers. There were three similar transactions for 300 million DOGE tokens in October and two similar transactions last month.
large group of individuals work There is usually a risk of crash due to rapid liquidation or market manipulation. However, there is no hard evidence that whale trading has affected the token price.
Significant increase in cryptocurrency holders
Dogecoin has recently seen a significant increase in the total number of holders. Analytics firm IntoTheBlock exposed The total number of addresses holding balances exceeded 5 million this week, and hit a record high of 5.02 million on November 27. The main factor contributing to the increase in new Dogecoin addresses is the growing adoption and interest of the cryptocurrency.
The on-chain analytics firm also noted that the number has been gradually increasing since the beginning of this year. “This latest activity is likely driven by Dogecoin “Doginals” that do not require a significant on-chain balance of $DOGE,” IntoTheBlock said.
DOGE trading at $0.0833 on 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com