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

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.

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.

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%.