In a surprising development during the current market downtrend, large investors, known as whales, have initiated major transactions involving Dogecoin (DOGE). Whale Alert, a leading crypto transaction tracker, reported a transfer of 466,890,148 DOGE (worth $149.13 million) from an unknown wallet to another labeled as ‘unknown.’
Such large-scale movements to external wallets often spark bullish sentiment, as these addresses are typically used for long-term holdings. This activity has fueled speculation among Dogecoin enthusiasts about potential market impact as the new year approaches.
Another 350 Million DOGE Transferred
Shortly after the first transaction, another whale transferred 350,000,000 DOGE (worth $109.9 million). This transaction, routed to a wallet address beginning with ‘DQhg…o79Y,’ was conducted through 35 smaller transfers of 10 million DOGE each.
Following this, the receiving wallet obtained an additional 3.4 million DOGE (worth approximately $1 million) from another address. The activity has further heightened market curiosity about the intentions behind these significant transfers.
DOGE Price Struggles Despite Bullish Indicators
Despite the large-scale whale activity, Dogecoin’s price has struggled to gain traction. At the time of writing, DOGE is trading at $0.3205, reflecting a 0.13% dip over the past 24 hours. However, its trading volume has surged by 25.7% to $2.51 billion, indicating increased market activity.
On-chain data suggests that while these transactions have not yet impacted the price, they have not dampened investor sentiment. Many see the current price level as an opportunity to accumulate DOGE at a discount. As a result, Dogecoin remains the 7th-largest cryptocurrency, boasting a live market capitalization of $47.24 billion.
Conclusion
The significant whale transfers highlight ongoing interest in Dogecoin despite broader market challenges. While the price remains subdued, the increased trading volume and large-scale movements suggest potential bullish momentum soon. Investors remain optimistic about DOGE’s prospects as it maintains its stronghold as a leading cryptocurrency.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.