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According to data published by prominent blockchain sleuth Whale Alert, which tracks down large cryptocurrency transactions, almost half a billion Dogecoin has been sent to two leading trading platforms with a likely goal of being sold. It happened amid the large price increase of Dogecoin that has occurred this week.
Prior to these two transactions, three large DOGE lumps were withdrawn from the Robinhood investment platform.
680.9 million DOGE on move
The above-mentioned source of data published announcements about five enormous transactions, which transferred almost 681 million DOGE. The last two of them carried 89,999,572 and 300,000,000 DOGE meme coins to two leading cryptocurrency trading venues, Coinbase and Robinhood. These transfers were valued at $65.5 million in fiat.
🚨 🚨 🚨 300,000,000 #DOGE (50,403,127 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/dAvuSOIVWR
— Whale Alert (@whale_alert) May 21, 2024
Prior to those, Whale Alert registered three more transactions. They carried 82,698,136; 70,081,079 and 138,326,037 Dogecoin. That was the cumulative equivalent of $48.7 million, and that amount of crypto was withdrawn from Robinhood to anonymous blockchain wallets, signifying purchases and transfers to cold storage wallets.
Dogecoin remains a subject of interest to crypto whales as it is one of the top 10 digital assets with wide adoption. Besides, it is supported by tech billionaire Elon Musk, and many within the DOGE community cherish hopes that Musk will integrate DOGE on X this year, once internal payments are launched.
Yuri MolchanDogecoin spikes 12% over past few days
Over the past few days, the largest and the oldest canine-themed cryptocurrency, Dogecoin, has printed an impressive price increase of more than 12% as it soared from $0.1520 on Monday to $0.1716 earlier today.
However, that immense growth was followed by a decline of more than 3%, bringing the price down to the $0.1667 level.
Denys Serhiichuk
Tomiwabold Olajide
