Dogecoin (DOGE), supported by low transaction fees and continuous backing from billionaire Elon Musk, is increasingly being recognized as a payment option and continues to stand out in the market. As one of the most popular meme tokens, DOGE has recently witnessed significant whale activity, sparking speculation about the intentions behind these transactions.
In the last 24 hours, the cryptocurrency whale tracking platform Whale Alert detected substantial DOGE transfers. On Monday, Whale Alert reported a transfer of over 85 million DOGE, worth approximately $7.6 million, from an undisclosed wallet to the Robinhood exchange. Additionally, another transfer of over 57 million DOGE, valued at around $5.1 million, was moved to Robinhood from a different unknown wallet on the same day. These movements have led to speculation about their potential impact on DOGE’s price.
A Dogecoin whale caused speculation around DOGE prices when transferring 450 million DOGE between two on-chain wallets, valued at approximately $41.5 million at the time of the transaction according to Whale Alert. Furthermore, another major investor shifted around 64.7 million DOGE, worth about $6 million, from an unknown wallet address to the Coinbase platform.
The DOGE community and the broader cryptocurrency market are tense following these significant transactions, as they could indicate larger market trends and reveal the intentions of major players in the space. Following the massive transfers, Dogecoin’s price saw a 1.90% increase to $0.09282, and its trading volume rose by 29.55% to $647.1 million.
At the time of writing, DOGE was trading at $0.093, down 3.1% over the last seven days, with a market capitalization of over $13 billion. Despite losing momentum over the past week, the meme token recorded an impressive 18.4% rise over the last 30 days according to CoinMarketCap. The world’s leading meme token is still trading well below its all-time high of $0.75 reached in May 2021. Meanwhile, the trading volume in the last 24 hours has seen a significant increase of 39%.