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300 Million DOGE Moved in Recent Hours as Dogecoin Loses 20%

Wed, 11/09/2022 - 11:30
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Tomiwabold Olajide
Despite heavy losses, DOGE is still up 30.8% over past 30 days
300 Million DOGE Moved in Recent Hours as Dogecoin Loses 20%
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According to WhaleAlert, 300 million DOGE worth $26,515,678 were moved between wallets in recent hours. In the past week, over $1 billion worth of Dogecoin was moved, as reported by U.Today.

Dogecoin has posted significant losses over the past 24 hours, per data from CoinGecko. DOGE has lost over 20% in value over the past 24 hours and is trading around $0.082 at the time of publication. Dogecoin has erased gains from Elon Musk's Twitter-fueled rally, falling 38.65% in the last seven days.

$1 Billion Worth of Dogecoin Moved in Recent Days as Speculation Remains

Despite heavy losses, DOGE is still up 30.8% over the past 30 days. The canine crypto saw intense trading that increased its daily trading volumes across several exchanges to $3.3 billion, a 75.67% increase from the day before.

With a market capitalization of $10.93 billion, DOGE now ranks as the ninth largest cryptocurrency. Over $23 million worth of Dogecoin futures positions were liquidated over the past 24 hours, per data from Coinglass. Most liquidations were from blown-out long trades.

Market sell-off

As the FTX contagion spread to the broader crypto market, cryptocurrency prices fell. According to recent reports, as insolvency fears grip crypto investors in the wake of contagion risks from liquidity problems at FTX, crypto exchanges are now rushing to publicly reveal their fund reserves.

Changpeng "CZ" Zhao, the founder of cryptocurrency exchange Binance, asked exchanges to offer "proof-of-reserves" in the wake of yesterday's events involving FTX and Binance.

Dogecoin "Proof of Assets" to Arrive on Binance: Details

Dogecoin recently got its "proof of reserves" on Binance, as reported by U.Today, following the community's persistent push for it.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.