Dogecoin whale moves 150 Million DOGE, What is it up to?

After the last noted transaction from the 10.2 year old Dogecoin wallet on 7th March, a significant transaction of over 150 million Dogecoin (DOGE), transferred from an unknown wallet to the popular trading platform Robinhood was reported today. This movement of approximately $26.4 million was captured and reported by Whale Alert, one of the top blockchain tracking services. As a result of this huge shift in Dogecoin holdings, the community has been abuzz with speculation and interest.

Robinhood has become a popular choice for retail investors and crypto traders because it is known to have an easy-to-use platform. Some opinions on this deal are that the platform got involved in it, which signifies that a larger institutional investor or group of investors may be positioning themselves for future market developments and some others say. 

This recent activity underscores once again how volatile the market is where big trades can prompt significant price swings as well as speculative waves. In light of such a major transfer of Dogecoin taking place at Robinhood, investors and enthusiasts are paying close attention to not only what made them do so but also how it will affect Dogecoin’s market too.

Overall, the memecoin market does not seem to be moving in an upward trajectory. As of press time, the meme market cap stands at $60.4 billion, witnessing a slight plunge of 1.0% within the last 24 hours. While the 24-hour trading volume amounts to $8.2 billion. The largest memecoin by market cap is changing hands at $0.1688 with a 6.8% fall in the past week, and so is the second largest, SHIB, with a 20% decrease over the past week.

On March 7th, Whale Alert spread the word about an ancient Dogecoin wallet awakening after having been inactive since the “era” of Bitcoin creator Satoshi Nakamoto. Nakamoto disappeared from public view in 2010, considering it the best step for the future of Bitcoin, his brainchild.

Dogecoin was launched in December 2013 by Billy Markus and Jackson Palmer as a parody of Bitcoin. Markus even took on a nickname resembling Satoshi, mockingly known as Shibetoshi Nakamoto on social media.

The awakened wallet, which was 10.2 years old, dated back to late 2013, making its owner an early Dogecoin holder. The dormant DOGE whale stirred, as the awakened Dogecoin address contained 747,645 DOGE, valued at $113,344 at the time. The owner moved a small portion of their DOGE holdings—100 Dogecoin—to another anonymous wallet. This reactivation occurred at a time when the DOGE price had been declining. 

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