Massive Million-Dollar Dogecoin Whale Moves Trillions of DOGE – Is a Selloff Incoming, and Will the Price Fall? Be Prepared
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These addresses have been impacting Dogecoin prices through their regular selloffs.
After 9 years of Missing in Action (MIA), four ancient Dogecoin (DOGE) wallet addresses have notably returned to the scene.
Their reignited activity has been detected since the beginning of this year. Markedly, they have been seen moving hundreds of thousands of dollars in Dogecoin. Crypto wallet tracker Whale Alert confirmed that one of these wallet addresses finally put an end to its long-term dormancy of 9.3 years in May by making a huge transfer of 1,556,994 DOGE valued at $123,155.
The most recent activity which happened in June was the transfer of 2,002,447 DOGE worth $131,178 from a wallet that had laid fallow for nine and a half years. The other two were in February and April. Cumulatively, these four ancient whale wallet addresses have moved a total of 6,818,192 DOGE in recent times. Based on the price of the popular memecoin on each day of the registered activity, these transactions are valued at $557,157.
In the meantime, the wallet that resumed activity in April still has 74,257 DOGE worth around $5,500 at the time of this writing while the one from June has close to 1 million DOGE tokens ($74,120). On the other hand, those from both February and May left their wallets empty.
Curious crypto community members and traders are still trying to identify the owners of these wallets as well as the receiving address. There are speculations about what their real intentions are for the DOGE holdings, especially after seeing the sudden transfer after over 9 years of inactivity.
Whales Activity Impact on Dogecoin Price
It is worth noting that while these activities happened on different days in different months, they all occurred on Dogecoin’s red days.
The price of the memecoin was performing negatively on those days with the daily price closing below the opening price. This implies that the whales’ entry into the market may have impacted negatively on the price of DOGE.
At the time of this writing, Dogecoin was trading at $0.07071, having lost 4.85% of its value in the last 24 hours. The coin previously had a period of consolidation between the support level at $0.0775 and the resistance level at $0.0900. With a current market capitalization of $10,463,066,140, DOGE is still ranked 7th in the broad cryptocurrency market and 1st in the memecoin ecosystem.
In anticipation of the official Shibarium upgrade, Shiba Inu price gain seems to be threatening DOGE. SHIB’s market cap of over $6 billion is gradually nearing that of Dogecoin. Additionally, SHIB has a total supply of 589.589 trillion whereas DOGE has only 140.598 billion with an infinite maximum supply, a feature that might give it a somewhat competitive edge in the memecoin world in the near future.
However, should more whales keep offloading, DOGE may tank some more and investors will be smart to prepare for this potential occurrence moving forward.
Filed under: Bitcoin - @ August 16, 2023 11:29 am