- After more than a decade of inactivity, a dormant Dogecoin (DOGE) whale with a wallet balance of 893,303 DOGE (about $145,101) regained activity on May 22. It was the first transaction made by the account since May 2014. Concerns regarding how such a transaction might affect Dogecoin’s price trend have arisen as a result of its unexpected revival.
- The largest cryptocurrency exchange in the world, Binance, received 23,338 DOGE, or almost $4,000. This information was reported by Whale Alert.
869,964 DOGE are owned by Dogecoin Whale. Despite Significant Transfer
The whale still has around 869,964 DOGE, or over $141,101, in spite of the significant transfer.
The most recent reawakening is not a unique instance. A Dogecoin Whale moved $60 million in DOGE to Robinhood earlier last month. Robinhood has recently gotten a Wells Notice from the Securities and Exchange Commission (SEC).
Whale Alert disclosed another significant transaction on May 21. A 600 million DOGE, or almost $100 million, was exchanged between two unidentified wallet addresses in this transaction. To be precise, each wallet received 300 million DOGE from the Dogecoin whale.
Although a lot of emphasis has been focused on these transactions, it is unclear what the intentions and consequences of these transfers are.
But DOGE’s price increased by 13.08% as a result of the action.
DOGE reported a 13.08% rise in pricing.Additional data from Coinglass shows increased investor interest in the asset. The derivatives data shows that DOGE’s open interest (OI) rose by 27.05% to $1.05 billion, while the volume jumped by 212.27% to $3.73 billion.
The discussion surrounding Dogecoin price forecast is being driven by the most recent activity as well as the earlier Dogecoin whale transactions.
Market analysts and investors are keeping a close eye on these fluctuations and making predictions about the likelihood of additional price spikes as well as the overall impact of whale activity on the future of cryptocurrencies.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
