Blockchain tracking service Whale Alert, which keeps an eye on large cryptocurrency transactions and shares the details of them with the crypto community, spreads the word about almost 65 million Dogecoin deposited to the biggest U.S.-based exchange, Coinbase.
Meanwhile, this crypto transaction coincided with a substantial rise in the DOGE price that took place overnight.
Millions of Dogecoin sent to Coinbase for selling
According to Whale Alert, a total of 64,746,017 DOGE worth $6,127,419 altogether was sent from an unknown sender wallet to a Coinbase blockchain address in 15 transactions. The last four of them carried approximately 10.5 million DOGE.
One transaction was worth 6,203,514 DOGE. Three smaller transfers moved 2.5 million Dogecoin each, and the preceding ones moved between 1,247,828 DOGE and 1,818,940 DOGE.
Notably, the sender wallet remains empty now, according to the details shared by Whale Alert. The owner has transferred all of its meme coin contents to be sold on the Coinbase exchange.
Around two weeks ago, the most popular meme cryptocurrency (and the biggest one by market capitalization), DOGE, witnessed two consecutive peaks as its transaction count surged first above one million and then, within a few days, surpassed 1.5 million transfers. However, currently, this metric is down to half a million DOGE transactions, according to Blockchair explorer.
Dogecoin price demonstrates volatility
The Dogecoin price has been showing great volatility recently. Between Nov. 28 and Dec. 6, the meme cryptocurrency added a staggering 35.7%, soaring to the $0.1041 level. On Dec. 6, the Dogecoin team and the community celebrated DOGE's birthday; on exactly that day in 2013, DOGE was created and launched on the market as a parody of Bitcoin.
After reaching that local high, the Dogecoin price lost more than 10.5% within a day. This decline was followed by a 5.5% increase within the last 24 hours. Currently, DOGE is changing hands at $0.0968 after a slight drop.
“Drawback” that supports Dogecoin
DOGE cofounder Billy Markus, who created the code for Dogecoin 10 years ago, recently admitted that Dogecoin has a bug that he and the other cofounder, Jackson Palmer, decided not to fix.
This is the absence of the limit of coins that can be mined in total. Markus admitted that if this bug had been fixed, DOGE would have stopped existing long ago.