The post Whale moves over $157M DOGE in the middle of a depressed meme market appeared on BitcoinEthereumNews.com.

A whale that has been accumulating Dogecoin since March 2021 moved the entire holdings of their wallet, of over $157M. The funds were sent in batches to unknown addresses, amid a weak meme market.  A Dogecoin whale moved all the funds from a large-scale wallet, distributing over $157M in a series of transactions. The Dogecoin was sent out from an unknown high-balance address into new addresses, with no shifts to exchanges.  The whale started accumulating Dogecoin in 2021, with regular daily transfers. Inflows to the wallet continued until March 4, then the wallet holder started moving the funds out. The whale’s wallet received repeating test transactions of 0.01 DOGE, followed by inflows of 4M to 5M DOGE.  The pattern of transactions suggests the wallet may belong to a miner. Dogecoin produces 10,000 new coins every 2 minutes, so the transactions match with a significant daily share of DOGE production.  Since Dogecoin is infinitely inflationary, miners can choose to take profits. Dogecoin is also co-mined with Litecoin, meaning miners are not under pressure, retaining pure gains from the additional assets.  The recent whale activity also coincided with a period where large-scale holders virtually disappeared. Volume from whale wallets is down by 88%, suggesting early traders may have cashed out, or are not interested in trading.  The move comes after a three-month losing streak for DOGE, where the leading meme token returned to $0.19. DOGE is a widely transacted and traded token, with still no serious utility or staking. The price of DOGE is known for its rapid rallies, though recently, the asset has stopped responding as eagerly to US political narratives.  DOGE retains over $1B in daily trading volumes, and remains one of the memes with the biggest market depth. The recent whale’s share could easily be absorbed within hours as…

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Filed under: News - @ March 7, 2025 10:25 am