Dogecoin Whales Move Over 600 Million Coins Amid Price Drop

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Dogecoin, the largest memecoin by market value, has seen its price drop over 10% in the last 24 hours. The dog-themed altcoin faced significant declines last week as well. With DOGE‘s price continuing to fall this week, whales moving over 600 million DOGE to popular trading platforms like Binance and Robinhood could lead to further declines in the memecoin.

Dogecoin Whale Transactions Surpass 600 Million

Dogecoin whales transferred more than 635 million DOGE, valued over $52 million, in significant transactions to Binance and Robinhood. According to a report by Whale Alert, which tracks large movements on blockchains, a recent whale-level transaction involved an unknown wallet address moving 300 million DOGE worth $24.62 million to the Binance exchange.

Additionally, approximately eight hours before the last transaction, another significant whale-level transfer was recorded. A cryptocurrency whale moved 151.68 million DOGE, valued at $12.49 million, from Robinhood to an anonymous wallet address. About four hours prior to this transfer, two more large Dogecoin transactions were recorded.

Both of these transactions were directed towards Robinhood via an anonymous wallet address. The transfers involved 102.27 million DOGE worth $8.40 million and 82.08 million DOGE worth $6.74 million, respectively.

Most of these transactions were directed towards a cryptocurrency trading platform, indicating that whales were offloading their DOGE assets during the recent price drop. However, the transaction moving DOGE from Robinhood to an anonymous wallet address suggests that some investors are taking advantage of the price drop and positioning themselves for a potential future rise in Dogecoin’s value.

The Drop in DOGE’s Price

DOGE is trading at $0.08241, down 10.20% in the last 24 hours at the time this article was prepared. Data shows the altcoin has fallen 11.80% over the last 7 days. Additionally, there has been a decline of over 6% in the last 30 days.

Dogecoin’s price drop gained momentum when it fell from $0.092 to $0.082 within two hours on January 3rd. With this drop, DOGE’s market value decreased by 9.95% to $11.77 billion. Despite the price drop, the altcoin’s trading volume in the last 24 hours saw a significant increase, surging 166% to $1.10 billion.