Dogecoin Whale Buys 226M DOGE From Robinhood, Price Rally Ahead?

Dogecoin Gains Traction Amidst Whale Accumulation

The leading player in the meme coin segment, the Dogecoin price has gained notable traction today amid significant whale transactions.** Notably, according to recent data, a Dogecoin whale has accumulated a massive amount of DOGE from crypto exchanges. This update comes amid a recent slump in the Dogecoin price, as well as in the broader crypto market, sparking discussions over the potential reason behind the accumulation.

Massive Whale Transactions Spark Speculation

According to the on-chain transaction tracking platform Whale Alert, two whale transactions were witnessed recently, fuelling market interest. In the first transaction, an unknown DOGE whale, identified by the wallet address “DDuXG….1wwKF,” accumulated 150 million DOGE, worth over $21.28 million, from Robinhood. Simultaneously, in another transaction, the same whale accumulated 76.31 million DOGE, worth around $10.76 million, from the same crypto exchange. These transactions from the same whale reflect the growing interest of market participants toward the leading meme coin.

Dogecoin Price & Performance

The recent whale transactions have stirred speculation about the whale's motives in the cryptocurrency market, particularly regarding Dogecoin (DOGE) prices. Amid market discussions, investors eye a potential DOGE price recovery, prompting consideration of a “buy-the-dip” strategy amidst recent crypto slumps. However, such transactions typically boost crypto prices, enhancing investor confidence in DOGE.

Despite the recent significant transactions, the Dogecoin price fell 2.31% and traded at $0.1386, while its trading volume soared 30.05% to $1.03 billion over the last 24 hours. Over the last seven days, the DOGE price fell more than 12%, while losing about 34% on a monthly basis. Over the last 24 hours, the DOGE price saw a high of $0.1459 and a low of $0.1384, reflecting the ongoing volatile scenario in the meme coin sector.