Dogecoin (DOGE) whales appear restless as data indicates major investors holding millions in DOGE have been moving their assets in the past week. These movements have sparked various speculations regarding the short-term outlook of the altcoin.
On-chain data reveals a significant transfer of 230 million DOGE from a wallet address “DDu…wKF” to another associated with the trading platform Robinhood, “DHQ…3oU”. Despite this transaction, the originating whale wallet still holds over 2.8 billion DOGE, valued at $26 million, suggesting the investor may be attempting to reduce risk through partial sales.
Market observers are paying close attention to the timing of these wallet activities. DOGE has been trading in the green zone for the past month, with an increase of over 2% in the last 7 days and over 20.71% in the last 30 days, indicating that the Dogecoin whale made its move during a period of price increase.
Crypto whales, known for holding large amounts of digital assets, are closely monitored due to their potential to disrupt the crypto market. The transfer of a digital asset to crypto exchanges often suggests an intent to sell, but it’s not always possible to determine the outcome of these assets based solely on on-chain data.
Earlier in the week, amidst a price dip in memecoin, whales were detected moving approximately 438 million DOGE, causing panic within the altcoin’s community. This led to a 0.27% decrease in memecoin’s market value, dropping to $13.10 billion.
The recent whale-level transactions are presumed to be carried out by investors who bought Dogecoin at lower prices aiming to take profits. While the exact reaction of memecoin to these transactions is uncertain, the sales-heavy nature of the moves is causing fear.