Dogecoin market shaken as whales dumps 86 million DOGE

Following the recent transfer of 150 million DOGE on March 12, Whale Alert, a tracking service, revealed a notable transaction involving Dogecoin (DOGE). An unidentified whale quickly sold 86 million DOGE, worth around $14.12 million, to the well-known US-based broker Robinhood. This sudden action has caused waves in the DOGE market notably affecting the coin’s price.

🚨 86,000,000

The sender with the address “DF8j” has a history of large scale transfers, so this last transaction falls in line with other past activities. However, after selling off loads of them, there are still 4 million DOGE coins valued at about $645,242 left in the whale’s wallet.

Meanwhile, DOGE’s value has dropped during today’s trading session. The decline amounts to 10.6% since trading commenced.

As of writing, DOGE is valued at $0.162 and its total market cap is around $23 billion. Moreover, the trading volume has also reduced by 2.69% from yesterday’s statistics. This decline has seen DOGE move down one position in the leaderboard as it shifted from number seven to eighth largest cryptocurrency in terms of trading volume rankings. Consequently, trading turnover fell from $5.15 bn to $4.58 billion.

Overall the meme market cap stands at $59.1 billion as of now and does not seem to move in an upward trajectory, down 5.1% since yesterday. The trading volume within this timeframe amounted to $13.5 billion. Furthermore, Robinhood’s easy-to-use platform is also the reason that makes it popular with investors and crypto traders.

It was reported three days ago that a massive transaction involving over 150 million Dogecoin (DOGE) worth roughly $26.4 million was made known. Whale Alert reported that the funds were transferred to Robinhood. Since then, there has been a lot of speculation and interest within the community after such a big shift in Dogecoin holdings and now this.

On March 7th, Whale Alert also announced the awakening of an old Dogecoin wallet that had remained inactive since “the era” of Satoshi Nakamoto who created Bitcoin itself. His disappearance from public view in 2010 was his belief that this was best for Bitcoin’s future, which he created.

Billy Markus and Jackson Palmer started Dogecoin as a joke on Bitcoin in December 2013. On social media, Markus went so far as to use a similar likeness to Satoshi and thus named himself Shibetoshi Nakamoto mockingly.

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