The largest meme coin by volume in the cryptocurrency world, Dogecoin, has once again turned all investors’ attention to the altcoin due to a series of whale transactions. What’s more interesting is that these transfers coincided with a period when a positive sentiment emerged due to the price increase the token was experiencing. Despite multiple whale transactions, the withdrawal of 999 million DOGE from exchanges in recent minutes has caught the attention of all investors.
DOGE Whale Transfers
According to data provided by Whale Alert, known for tracking whale transactions in cryptocurrencies, three notable whale transactions occurred on the morning of Tuesday, January 9th. As a result of these transactions, a total of 545.12 million DOGE were moved, which also sparked rumors during the day.
The first transaction that particularly caught the attention of cryptocurrency investors was the transfer of 78.05 million DOGE, valued at $6.29 million, from an unknown wallet to the Robinhood exchange.
On the other hand, another noteworthy transaction took place. In this transaction, 134.14 million DOGE worth $10.84 million were transferred from Robinhood to an unknown wallet.
In the third transaction of the morning, 332.93 million DOGE valued at $26.61 million were sent to Binance, the world’s largest exchange by volume.
In recent minutes, another whale transaction occurred, and this time the whales made a historic move. 999,999,999 DOGE, valued at over $78 million, were suddenly withdrawn from the Binance exchange and sent to an unknown wallet.
Generally, such withdrawal transactions from exchanges are interpreted as whales accumulating in anticipation of a possible rise. Currently, the entire cryptocurrency world is curious about the outcome of this transaction.
Dogecoin Price Swings
As of the time of writing, the price of Dogecoin has risen by 0.80% in the last 24 hours to $0.0792, reflecting the effects of the whale transactions. More importantly, this price increase was accompanied by an increase in market value, with the token’s market value reaching $11.29 billion after a 0.70% increase.
Despite today’s rise, the meme coin’s price continues to worry investors with its decline on a weekly and monthly basis. A 14% drop is noticeable in a 7-day price review, while a drop of over 20% is seen in the monthly review.
Another significant point is that even on a day when 1 billion DOGE were moved, there was a drop of over 20% in the 24-hour trading volume. This situation might indicate that investors are hesitant to invest, possibly due to the ongoing uncertainty regarding the decision on the spot Bitcoin ETF.
