Dogecoin Market Sees Major Whale Activity Amid Price Drop

Dogecoin's price has dipped recently, but the market is buzzing with massive transactions.

Over 1.5 billion DOGE changed hands in the last 24 hours, sparking investor speculation.

Large holders, known as whales, are making notable moves in the Dogecoin market. A major whale, identified by the address “DDuXG…1wwKF,” recently bought 90 million DOGE, worth $14.28 million, from Robinhood. This significant purchase has boosted investor confidence in Dogecoin.

Whale Alert, a transaction tracking platform, reported a transfer of 499.42 million DOGE, valued at $81.10 million, between two unknown wallets. Additionally, the largest transaction saw 970 million DOGE, worth $156.92 million, moved between anonymous wallets. These large transactions often indicate strategic positioning by major holders and can impact market dynamics.

The recent flurry of whale activity has led to speculation about Dogecoin’s future. The accumulation of DOGE by large holders suggests they anticipate future gains, which could lead to increased buying from retail investors. These movements can significantly influence market sentiment and price action.

In the past 24 hours Dogecoin’s price has dropped by less than 1%, trading at $0.1596 after reaching a high of $0.1645. Despite the recent dip, Dogecoin has gained nearly 12% over the past 30 days, reflecting growing interest from investors.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.