Dogecoin (DOGE) has embarked on a relentless pursuit of higher prices in recent weeks. As the market experienced a flurry of activity, an unexpected development occurred when an unknown whale made an important decision – to sell a portion of the coveted Meme Coins.
In a move that raised eyebrows, one such massive Dogecoin holding found its way onto cryptocurrency exchange Binance, paving the way for intrigue and speculation.
This interesting development came at a time when Dogecoin was very determined to regain ground and recoup some of the losses it had incurred in recent weeks.
Dogecoin whales are making waves: The huge dog’s mobility raises eyebrows
In a series of transactions, the Dogecoin community has been abuzz with news of large transfers involving the popular meme-inspired cryptocurrency. CryptoDogeWhaleAlert platform, known for tracking large DOGE transfers on Twitter, recently reported multiple massive movements of DOGE across wallets, with a cumulative total of over 100 million DOGE.
🐕🪙🐋🚨
14835380 dogg ($1,103,737) from multiple wallets to a # Finance wallet.
Fee: 1.00 ($0.07 USD)
TX: https://t.co/4lBCExiwYT#DogecoinWhaleAlert # Whale #Dogecoin #CryptoNews
– Ðogecoin Whale Alert (DogeWhaleAlert) May 17, 2023
Among the notable transactions, One of the biggest conversions It included a staggering 14,835,380 DOGE, making its way to Binance. On the other end of the spectrum, the smallest transaction of 10,000,000 DOGE was still pretty impressive.
Over the course of 24 hours, a total of five major transfers of the meme Coin DOGE took place, with large chunks of cryptocurrency ranging from 10 million to 30 million DOGE quickly moving between wallets.
The flurry of activity has intrigued the Dogecoin community and the broader crypto field, who have eagerly analyzed the implications of such large movements.
The behavior of the DOGE whale is sending waves through the market: influencing the price
The recent surge of large-scale transfers of DOGE by nameless whales has not gone unnoticed, and their behavior has sent ripples through the cryptocurrency market.
Not surprisingly, the market has reacted to the recent whale transfers, resulting in significant fluctuations in the price of Dogecoin. The price of DOGE is as I mentioned Queen Gekko, witnessed a slight decrease of 0.7% over the past 24 hours. This decline is likely attributed, at least in part, to an influx of large DOGE holdings hitting the stock exchanges and possibly creating selling pressure.
DOGE market cap currently at $10 billion. Chart: TradingView.com
However, the broader trend for Dogecoin remains positive, with an uptick of 2.7% over the past seven days. This bullish momentum, along with increased adoption and renewed interest in DOGE, may indicate that the impact of whale transfers on the overall price has been mitigated by bullish market sentiment.
Until then, observers will continue to dissect the actions of these unknown whales, looking for insights and anticipating the next twist in the ever-evolving story of Dogecoin.
Featured image from Cryptoglobe
