816 Million Dogecoin In One Hour - What's Happening?

Dogecoin Massive Transactions Trigger Price Drop

Data Extrapolated from Whale Alert

According to Whale Alert, an anonymous blockchain monitoring platform, two significant Dogecoin (DOGE) transactions, each exceeding hundreds of millions of tokens, have been detected.

Coinciding Price Decline

These transactions occurred concurrently with a substantial price decline for Dogecoin, resulting in a long red candle on its hourly chart.

Transaction Details

• Transaction 1: Transfer of 466,890,148 DOGE (worth $149,137,073) from an unidentified wallet to another unknown wallet.
• Transaction 2: Movement of 350,000,000 DOGE (valued at $109,962,192) by a whale across seven blockchain addresses to two distinct wallets.

Total Transfer

Together, these transactions represent a transfer of over 816 million Dogecoin within an hour.

Price Impact

Following these transactions, Dogecoin experienced a 3.44% decline over a three-hour period before partially recovering. At the time of writing, DOGE is valued at $0.31077, down from $0.32055.

Elon Musk and Dogecoin Adoption

Recently, Elon Musk, the CEO of Tesla and SpaceX, hinted at founding The Texas Institute of Technology and Science (TITS). He proposed accepting tuition payments in Dogecoin and offering discounts to dog owners.

Katherine Boyle, a general partner at Andreessen Horowitz, endorsed the idea of establishing an institution that nurtures engineering talent. Musk expressed agreement, suggesting that the time may be ripe for such an endeavor.