A significant development occurred in the world of cryptocurrency. The Blockchain monitoring service named Whale Alert reported that approximately 65 million Dogecoins were transferred to Coinbase, which is the largest exchange in the United States. This transfer was associated with a significant increase in the price of Dogecoin, and the crypto community questioned the reasons behind this move.
Whale Alert detailed the transfer of 64,746,017 Dogecoins, valued at approximately 6 million 127 thousand dollars, from an unknown wallet address to a Coinbase address. In the last four transactions, about 10 million 500 thousand DOGE were moved. This movement indicated that a significant player in the crypto field made a strategic transfer.
The fact that the sending wallet is currently empty suggests that all Dogecoin assets were transferred to the Coinbase platform, presumably for a deliberate decision to sell them.
The price of Dogecoin has shown significant fluctuations in recent weeks. Between November 28 and December 6, Dogecoin experienced a 35.7% increase, reaching the level of 0.1041 dollars. However, after the celebrations, there was a rapid decline, with DOGE losing 10.5% of its value in one day. Subsequently, the cryptocurrency’s price recovered by 5.5% in the last 24 hours, and DOGE is currently trading at 0.0968 dollars after the correction.
Billy Markus, one of the co-founders of Dogecoin, admitted to an enduring error in the cryptocurrency’s code. This error was the lack of a cap on the total number of coins that could be mined, and it was a deliberate decision made by Markus and the other co-founder, Jackson Palmer. Markus confessed that if they had fixed this error, DOGE might have ceased to exist by now.