Dogecoin, which made headlines during the last bull run and hosted incredible price movements with the support of Elon Musk, attracted the attention of the entire crypto world with a massive transaction that took place on Tuesday. According to data announced by Whale Alert, a whale transfer of 990 million DOGE from one wallet to another was carried out, turning all eyes to DOGE.
DOGE Whale Transactions
DOGE continues to sit atop the meme coin world. Recently, the impact of news about payment systems related to X on DOGE has been directly discussed. In this context, market sentiments specific to the coin, price movements, and transactions carried out by whales are gathering all the interest on the meme coin.
According to data announced by Whale Alert, which tracks whale transactions on the blockchain in real-time, on January 16, 990 million DOGE worth $79.75 million were transferred from an unknown wallet to another unknown wallet, drawing the attention of investors.
Such transactions can generally be interpreted as whales moving their cryptocurrencies between their own wallets.
In addition, the transaction between unknown wallets has apparently created a great deal of excitement and hope among global cryptocurrency followers. Such a transaction is thought to have triggered an increase in on-chain activity for the token.
Increases in on-chain data like this can indicate a rise in the confidence environment among market traders and investors, and can also be interpreted as supporting the prices of the cryptocurrency in question.
On the other hand, the transfer of the mentioned DOGE to new wallets instead of exchanges seems to have also impacted the price.
While large amounts of cryptocurrencies sent to exchanges generally worry investors about a price drop, the fact that this transaction was different seems to have reduced the selling pressure on investors. Looking back at the time of the transaction, it is useful to note that there were gains in the market for DOGE, albeit modest.
How Much is DOGE in Dollars?
As of this writing, the price of Dogecoin has experienced only a small increase of 0.30% in the last 24 hours and remains in positive territory. Following the price increase, it is currently trading at $0.8141. Additionally, the meme coin is seen to have experienced an increase of 3.57% in the weekly indicators.
Despite the short-term gains, a monthly price review shows a decrease of 13.14%, which will be important data for those looking to invest.
