Dogecoin (DOGE), the largest memecoin by market value, has seen a significant price drop of over 10% in the last 24 hours. The decline follows a week of heavy losses. The transfer of over 600 million DOGE to popular trading platforms like Binance and Robinhood by whales could signal further price drops.
Whale Alert reported that Dogecoin whales transferred over 635 million DOGE, worth more than $52 million, to Binance and Robinhood. A notable transaction involved moving 300 million DOGE worth $24.62 million from an unknown wallet to Binance.
Another significant whale transaction occurred eight hours before the last one, moving 151.68 million DOGE worth $12.49 million from Robinhood to an anonymous wallet. Additionally, two large Dogecoin transactions were recorded four hours prior to this transfer.
These transactions, mostly towards a crypto trading platform, suggest that whales may be offloading their DOGE holdings amid the recent price drop. However, the transfer from Robinhood to an anonymous wallet indicates that some investors are taking advantage of the price drop to accumulate DOGE, anticipating a future price rise.
Currently, DOGE is trading at $0.08241, reflecting a 10.20% decrease in the last 24 hours. The altcoin has fallen 11.80% over the last week and more than 6% in the last 30 days. Despite the price drop, Dogecoin’s trading volume surged by 166% to $1.10 billion in the last 24 hours.