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Cryptocurrency analyst and trader Ali Martinez, known in the crypto community on X under the username @ali_charts, has taken to social media to reveal that whales have unloaded a massive amount of the original meme coin, DOGE.
Alex DovbnyaMore than half a billion Dogecoin have been sold by crypto whales, according to the on-chain data shared by Martinez today. According to the Santiment chart, those were whales holding between 10,000,000 and 100,000,000 DOGE. The dump aligned with the recent Dogecoin price decline, when the iconic meme coin went down by 7.2%, falling from $0.1680, and currently changing hands at $0.15594.
478,000,000 DOGE changes hands anonymously
Meanwhile, two days ago, Whale Alert crypto tracking service spotted a giant transaction that sent 478,000,000 DOGE between two anonymous blockchain addresses. That mammoth DOGE batch was equal to $72,980,331. Together with the aforesaid 470 million DOGE, this transfer amounts to 1,048,000,000 DOGE within a single week.
The crypto community quickly engaged in a heated discussion as to the nature and the purpose of this transaction in the comments section. This transaction could be the result of a crypto exchange reshuffling its holdings, a whale distributing crypto between his wallets or an over-the-counter trade pulled off by large market players.
One thing is for sure – Dogecoin remains an important player on the market, even despite one of its biggest price drivers, Elon Musk, having gone quiet about his favorite crypto over the past few years, tweeting about it no more than just occasionally.
Yuri MolchanBinance CEO stresses importance of crypto transfers
Richard Teng, the Binance chief executive, has published a tweet to highlight the positive impact that cryptocurrency has generally had on the sphere of financial transfers. From the tweet, he mostly meant remittances, but he stressed that even the effect on this sphere is very important to millions of users.
He said that the great reduction in transfer fees that cryptocurrency has brought “can't be overstated.” Teng emphasized that this is particularly crucial for developing countries since millions of people who come to work in developed economies regularly send money back home to “provide vital support to loved ones across borders.”
Vladislav Sopov
Dan Burgin