Memecoin prices have followed the rest of the market and experienced an increase. During this process, a significant amount of Dogecoin (DOGE) movement has been observed. However, the purpose behind these transactions is still unknown.
The Current Status of Dogecoin
There have been several whale activities in Dogecoin in the past few weeks. Whale Alert, in particular, has detected numerous Dogecoin movements. Whale Alert is known for tracking large-scale transactions. These transactions represent accumulations or distributions around DOGE.
According to the recent announcement by Whale Alert, whales have transferred approximately 350 million DOGE, worth about $23.7 million, from one wallet to Robinhood in the mentioned period.
A similar transaction took place on October 25th, where about 350 million DOGE, worth approximately $23.4 million, was transferred from an unknown wallet to Robinhood. These large-scale transactions in the past 3 days have sparked rumors among investors.
Furthermore, Whale Alert shared a reverse transaction in which 97 million DOGE, with a total value of $7.2 million, was transferred from Robinhood to an undisclosed wallet. Such movements indicate investors’ attempts to accumulate funds. The Dogecoin community continues to closely monitor these significant transactions in order to understand the logic behind the transactions in the market.
Elon Musk and Dogecoin
As evident from the major movement revealed by Whale Alert, the significant market fluctuations seem to have made investors uneasy. While investors anxiously monitor whale movements, they continue to seek answers about the future performance of Dogecoin.
In addition, according to a recent announcement, Musk wants X to be the primary platform for all financial matters. This positioning aims to eliminate the need for traditional bank accounts.
Although Dogecoin is not mentioned in the announcement, Musk’s known support for DOGE immediately comes to mind when talking about financial systems and payments. This situation can have a positive impact on the price.
Furthermore, at the time of writing, Dogecoin was trading at $0.06934, with a 2.41% decrease. More importantly, its volume has decreased by 45.71% in the last 24 hours, dropping to $426.02 million.
