Blockchain News

Whales Suddenly Move Over 776M Dogecoin Following DOGE Bounce – Here’s Where the Crypto Is Headed

Deep-pocketed cryptocurrency investors are swiftly relocating massive amounts of Dogecoin (DOGE) as the premier memecoin makes a comeback from its lowest point this month. The blockchain-tracking platform Whale Alert was the first to detect these substantial Dogecoin transactions, amounting to a staggering 776,351,068 DOGE with a value of $48.47 million.

Of notable significance is the most significant Dogecoin transaction recorded in the past 24 hours, where a crypto whale moved an astounding 308,390,532 DOGE, equivalent to $19.22 million, from Binance to an undisclosed wallet. Interestingly, this transfer incurred virtually no cost for the DOGE investor.

In a separate intriguing transaction, another whale shifted 253,419,377 DOGE valued at $16.05 million from the retail trading platform Robinhood to a wallet of undisclosed origin. Impressively, this sizable transaction only required a processing fee of approximately $0.28.

Continuing the trend, a significant Dogecoin holder proceeded to move 129,673,539 DOGE worth $7.90 million from Robinhood to an unknown wallet. This transfer came at a cost of $0.57, as revealed by Whale Alert.

Further amplifying the spectacle, Whale Alert observed the transfer of 84,867,620 DOGE valued at $5.30 million from an unidentified wallet to Robinhood. Remarkably, the associated cost for this Dogecoin relocation was less than $0.10. Given that these DOGE tokens were moved to exchange, there’s the potential for them to be placed on the open market for sale.

This surge in major Dogecoin movements aligns with the attempts of the leading memecoin to regain its footing after a challenging week in the market. Following a notable drop in value on August 18th, where Dogecoin touched a monthly low of $0.059 amidst a wider cryptocurrency market decline, DOGE has since exhibited a rebound and is currently trading at $0.064 as of the time of writing.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.