1,000,000,000 DOGE in 24 Hours - What's Happening?

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Crypto analyst Ali Martinez reported a significant surge in Dogecoin (DOGE) transactions over the past 24 hours. His tweet highlighted the movement of nearly 2 billion DOGE.

Massive Dogecoin Movement

As DOGE's price initially declined before recovering, the volume of transferred coins spiked dramatically, exceeding one billion from approximately 600,000. According to on-chain data from Santiment, shared by Martinez, a total of $197,601,978 worth of Dogecoin was bought, sold, and redistributed by whales and exchanges.

Over 1 billion #Dogecoin $DOGE tokens exchanged hands in just the past 24 hours!

On March 7th, Whale Alert independently tracked a single transaction involving 750,000,000 DOGE, valued at approximately $148,201,483.

Dogecoin Follows Bitcoin's Trend

In the last 24 hours, Dogecoin experienced a 7.65% increase, attempting to recoup losses from a nearly 12% drop on Thursday. However, this gain was followed by a subsequent decrease of almost 5%.

On March 6th, Martinez cautioned that DOGE risked a correction to $0.015 if it fell below the crucial support level of $0.19. At the time of writing, DOGE is trading at $0.19660.

Today's decline mirrored the broader cryptocurrency market, tracking Bitcoin's movement. Following a near 6% surge on Friday after President Trump signed an executive order to create a Strategic Bitcoin Reserve, BTC experienced a nearly 5% drop. This downturn followed an announcement by crypto czar David Sacks clarifying that the U.S. government does not intend to purchase additional Bitcoin, opting instead to retain its existing holdings (approximately 198,200 BTC) acquired primarily from confiscations, such as those from Silk Road. Furthermore, the previously mentioned inclusion of XRP, ADA, and SOL in the reserve was clarified as illustrative examples, not definitive inclusions.

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