Dogecoin, one of the most popular meme coins functioning atop the Ethereum blockchain, echoed a sense of frenzy across the global crypto landscape on Tuesday as the token recorded an enormous whale transaction. This transaction birthed a tidal wave of speculations among crypto market enthusiasts globally as it emerged amid the meme coin’s price jump.

As per on-chain data revealed by Whale Alert, the token seems to have jotted down the whale transfer of a staggering 990 million DOGE, nabbing significant attention globally.

Meanwhile, market sentiments for the token appear to be taking an exciting turn following the price jump and the whale activity.

DOGE Whale Transaction: A Closer Look

According to the data revealed by the blockchain tracking platform Whale Alert, a whopping 990 million DOGE worth $79.75 million on the move caught the eyes of crypto market traders and investors today, January 16. Furthermore, concerning the data, the unknown wallet, D78RSZmmfS…MChVeDyWx8 was noted shifting the prior stated amount to another unknown address, D79tQ1VkKn…m8XtUA8VEP.

Notably, the transfer of DOGE between unknown wallets appears to have sparked immense optimism among crypto market fanatics globally, showcasing an increase in on-chain activity for the token. This primarily curated a sense of bolstered prices across the broader market as an increase in on-chain activity aligns with boosted confidence among market traders and investors. Moreover, the transfer was made between unknown wallets, illuminating heightened trading activity for the meme coin.

However, the token’s price chart illustrated marginal gains, contrasting the market’s burgeoning optimistic sentiments post-whale activity.

Also Read: TrueUSD Stablecoin Depegs As Whales Dump TUSD Amid Regulatory Woes

DOGE Price Springs

As of writing, the Dogecoin price jotted down a marginal jump of 0.43% over the past 24 hours and is currently trading at $0.8187. Moreover, the meme coin’s weekly chart also displayed a surge of 3.57%. However, its monthly chart plunged 13.14%, curating additional inferences for the token.

With whales displaying heightened trading activity for the token, crypto market fanatics appear to be eyeing the $1 mark shortly ahead. As DOGE’s price continues to jump gradually, market watchers are eyeing the token extensively.

Also Read: Morgan Stanley Expects Stablecoins To Back USD Amid De-dollarization Risks

The post Dogecoin Whale Shifts 990 Mln DOGE, Price To Hit $1? appeared first on CoinGape.

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