Whale Activity in Dogecoin Markets Raises Speculation

Thanks to low transaction fees and the continuous support of billionaire Elon Musk, Dogecoin (DOGE) continues to emerge in the markets as an increasingly accepted payment option. DOGE, one of the most popular meme tokens, has recently witnessed significant whale activity, leading to speculation about the intentions behind these transactions by the organizations involved.

Whale Activity in DOGE

In the last 24 hours, the cryptocurrency whale tracking platform Whale Alert detected a significant amount of DOGE being transferred. On Monday, Whale Alert reported that an undisclosed wallet transferred over 85 million DOGE, worth approximately $7.6 million, to the cryptocurrency exchange Robinhood. According to Whale Alert’s data, another unknown wallet transferred over 57 million DOGE, worth about $5.1 million, to Robinhood on the same day. This move signaled an increase in the token’s total supply, igniting speculation about its potential impact on the DOGE price.

A Dogecoin whale caused speculation around DOGE prices when 450 million DOGE were transferred between two on-chain wallets. This massive DOGE movement was valued at approximately $41.5 million at the time of the transaction, according to Whale Alert. Additionally, another major investor shifted approximately 64.7 million DOGE, worth about $6 million, from an unknown wallet address to the cryptocurrency platform Coinbase.

Current State of DOGE

The DOGE community and the broader cryptocurrency market are tense following these significant transactions, as they could be indicators of larger market trends and reveal the intentions of major players in the space. Following the massive transfers, the price of Dogecoin increased by 1.90% to $0.09282, while the trading volume also rose by 29.55% to $647.1 million.

At the time of writing, DOGE was trading at $0.093, a 3.1% decrease over the last seven days, with a total market value of over $13 billion. Despite losing momentum last week, the meme token has managed to record an impressive 18.4% rise over the last 30 days, according to CoinMarketCap’s data. The world’s leading meme token is trading well below its all-time high of $0.75 achieved in May 2021. Meanwhile, the trading volume in the last 24 hours has shown a significant increase of 39%.