Dogecoin whales move 1.68 Billion DOGE, What’s happening?

As the world’s biggest digital asset, Bitcoin (BTC), began to consolidate, the Dogecoin party seemed to get just started. The largest meme coin is caught printing back to back green indexes bringing a wave of joy among the DOGE community. However, crypto whales had made a huge move amid DOGE’s recent price jump.

Data shared by Whalealert shows that unknown crypto wallets had moved 1.68 billion Dogecoins (approx worth $396 million) in multiple transactions over different crypto exchanges over the last 24 hours. The biggest transaction recorded by the tracker has been of a whale transferring almost 300 million DOGE (approx worth $66.5 million) over different wallets.

As we dig in, data shows that most of the transactions were made to or through the crypto exchange Robinhood. Around 492 million DOGE was transferred from Robinhood to unknown wallets. These transactions are collectively worth over $107. This suggests that the whales have been accumulating lately.

However, a major influx of 800 million Dogecoin was recorded flowing into Robinhood from undisclosed wallets. These transactions totaling $176 million highlight that the crypto whales were looking to dump their holdings as the biggest meme coin price rallied into greens.

Among all these transactions, a whale moved 50 million DOGE valued at $10.6 million to the Coinbase exchange. This movement indicates a strategic maneuver to engage with other platforms within the ecosystem.

Dogecoin price jumped by over 8% in the last 24 hours. However, it is still up by 32% in the last 7 days where Bitcoin price has seen just a surge of 5%. DOGE is trading at an average price of $0.21, at the press time. Its 24 hour trading volume is up by 17% to stand at $5.8 billion. The number uno meme crypto is holding a market cap of $30.6 billion at the moment.

Data from Coinglass reveals a massive increase of 32.89% in the open interest for DOGE, now totaling an impressive $2.17 billion. This surge in open interest is majorly concentrated on major crypto trading platforms like Binance, Bybit, and BingX.

It is important to see that the surge in open interest comes in line with a notable increase in DOGE’s price. The bullish momentum in DOGE’s price and trading volume is partly linked to rumors making round over its potential integration into X (formerly Twitter) for crypto payments.