Dogecoin Price Rallies Despite Whales Moving 657 Mln DOGE to Coinbase & Robinhood

Coingapestaff
December 19, 2023
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Dogecoin whale robinhood DOGE price

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.

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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.

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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, which suggested that whales scooped up more than 1.32 billion DOGE earlier this month, even as the market experienced anxiety and panic.

At the time of writing, DOGE is valued at $0.093, down 3.1% in the last seven days, with a total market capitalization of more than $13 billion. Despite losing momentum in the last week, the meme coin has managed to clock an impressive rally of 18.4% in the last 30 days, according to data by CoinMarketCap.

Notably, the world’s leading meme coin is still trading well below its all-time high of $0.75, a feat it achieved in May 2021. Meanwhile, the trading volume in the last 24 hours has surged by a whopping 39%.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.