The leading player in the meme coin segment, the Dogecoin price has gained notable traction today amid significant whale transactions. Notably, according to recent data, a Dogecoin whale has accumulated a massive amount of DOGE from crypto exchanges. Meanwhile, the update comes amid a recent slump in the Dogecoin price, as well as in the broader crypto market, sparking discussions over the potential reason behind the accumulation. 

Besides, the recent series of transactions has also sparked optimism among the market participants over a potential rally in the Dogecoin price in the coming days.

Massive Whale Transactions Spark Speculation

According to the on-chain transaction tracking platform, Whale Alert, two whale transactions were witnessed recently, fuelling market interest. Notably, in the first transaction, an unknown DOGE whale, identified by the wallet address “DDuXG….1wwKF” has accumulated 150 million DOGE, worth over $21.28 million, from Robinhood.

Simultaneously, in another transaction, the same whale has accumulated 76.31 million DOGE, worth around $10.76 million, from the same crypto exchange. These transactions from the same whale reflect the growing interest of the market participants toward the leading meme coin.

Meanwhile, the meme coin sector has gained notable traction lately, as evidenced by the surge in their prices. Notably, the soaring interest is also evidenced by the recent price surge of not only the leading meme coins like Dogecoin, and Shiba Inu, but also the new players in town like MEW, BOME, WIF, and others.

Also Read: Hong Kong Bitcoin and Ethereum ETFs Record Only $12 Million Volume on Day 1

Dogecoin Price & Performance

The recent whale transactions by the same whale have stirred speculation about his motives in the cryptocurrency market, particularly regarding Dogecoin (DOGE) prices. Amid market discussions, investors eye a potential DOGE price recovery, prompting consideration of a “buy-the-dip” strategy amidst recent crypto slumps. However, such transactions typically boost crypto prices, enhancing investor confidence in DOGE.

Meanwhile, despite the recent significant transactions, the Dogecoin price fell 2.31% and traded at $0.1386, while its trading volume soared 30.05% to $1.03 billion over the last 24 hours. Over the last seven days, the DOGE price fell more than 12%, while losing about 34% on a monthly basis.

Over the last 24 hours, the DOGE price saw a high of $0.1459 and a low of $0.1384 in the last 24 hours, reflecting the ongoing volatile scenario in the meme coin sector.

Also Read: China’s Crypto Caution Casts Shadow On Hong Kong ETF Enthusiasm

The post Dogecoin Whale Buys 226M DOGE From Robinhood, Price Rally Ahead? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am