Dogecoin, the largest meme coin by volume, has seen a surge of whale transactions, drawing investor attention to the altcoin. These transfers coincided with a positive market sentiment due to a price increase. A particularly notable transaction involved the withdrawal of 999 million DOGE from exchanges, capturing the focus of the entire investment community.
According to data from Whale Alert, known for tracking large cryptocurrency transactions, three significant whale transactions occurred on the morning of January 9th. These movements totaled 545.12 million DOGE and sparked widespread speculation throughout the day.
The first notable transaction involved the transfer of 78.05 million DOGE, valued at $6.29 million, from an unknown wallet to the Robinhood exchange. Another major transaction saw 134.14 million DOGE worth $10.84 million move from Robinhood to an unknown wallet.
The third transaction that morning involved transferring 332.93 million DOGE, worth $26.61 million, to Binance, the world’s largest exchange by volume. Recently, a historic whale transaction took place where nearly 1 billion DOGE, valued at over $78 million, was withdrawn from Binance to an unknown wallet.
Such exchange withdrawals are often interpreted as whales accumulating in anticipation of a potential price rise. The crypto community is now eagerly awaiting the outcome of this significant transaction.
At the time of writing, Dogecoin’s price has increased by 0.80% in the last 24 hours to $0.0792, reflecting the impact of whale transactions. Despite today’s rise, the meme coin’s price has seen a weekly drop of 14% and a monthly decline of over 20%, causing investor concern. Additionally, even with today’s billion DOGE movement, there’s been a more than 20% drop in the 24-hour trading volume, possibly indicating investor hesitation due to the uncertainty surrounding the decision on a spot Bitcoin ETF.