The post Dogecoin Price Rallies As Whales Move 657 Mln DOGE to Coinbase & Robinhood appeared on BitcoinEthereumNews.com.

With its acceptance as a payment option growing, thanks to meager transaction fees and constant endorsement by billionaire Elon Musk, Dogecoin (DOGE) is no longer just a meme fodder. The top dog meme coin, DOGE, has been witnessing significant whale activity recently, leading some to speculate about the intentions of the entities behind these transactions. Whales Trigger Speculation With DOGE Transfers Within the last 24 hours, a substantial transfer of DOGE has been detected by the crypto tracking platform Whale Alert. On Monday, Whale Alert reported a transfer of over 85 million DOGE, worth approximately $7.6 million, from an undisclosed wallet to Robinhood, a digital asset exchange. According to data from Whale Alert, another unknown wallet, “DGK…CUd” moved more than 57 million DOGE, worth roughly $5.1 million, to Robinhood the same day. The move signals an uptick in the token’s total supply, sparking speculation about its potential impact on DOGE price. One enigmatic Dogecoin whale stirred up speculation around DOGE prices when a whopping 450 million DOGE was transferred between two on-chain wallets. Converting this to fiat, this huge DOGE movement was valued at approximately $41.5 million at the stamped transaction time, as per Whale Alert. Meanwhile, another large investor shifted more than 64.7 million DOGE, worth around $6 million, from an unknown wallet address to the crypto trading platform Coinbase. The DOGE community and the broader crypto market are on tenterhooks in the wake of these significant transactions as they could be indicative of the larger market trends and lay bare the intentions of the big players in the space. Dogecoin Price & Performance: Following the colossal transfers, the Dogecoin price was up 1.90% to $0.09282, while its trading volume surged 29.55% to $647.1 million. It’s also in sharp contrast with the data provided by crypto analytics platform, IntoTheBlock,…

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Filed under: News - @ December 19, 2023 5:20 pm