Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The creator of one of the biggest and most popular meme coins on the market, Billy Markus highlights an enormous transaction made by a top-20 DOGE whale, who moved an enormous 450 million coins worth approximately $40 million.
What makes this transaction particularly noteworthy is the fee that was attached to it. At only 1.01 DOGE, which translates to $0.09, it highlights the efficiency and low cost of transactions within the Dogecoin network. This is a major advantage for those who use DOGE as a currency for day-to-day transactions and also for those who are looking to transfer large sums of money without having to worry about excessive transaction fees.
🐕🪙🐋🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨
— Ðogecoin Whale Alert (@DogeWhaleAlert) January 31, 2023
450,000,000 $DOGE ($40,536,900 USD) was transferred from a #Top20 wallet to an unknown wallet.
Fee: 1.01 ($0.09 USD)
Tx: https://t.co/tvk25UbMcA#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews
It is unclear who was behind this transfer, but it is likely that it was conducted by a large DOGE holder rather than an exchange or an OTC desk, suggesting the transactional behavior of the wallet. This transfer, along with a low transaction fee, shows that the Dogecoin network is operating smoothly, and the overall infrastructure is robust enough to handle substantial transfers.
Despite being seen by some as a meme-inspired cryptocurrency, Dogecoin has a substantial following and is widely traded on cryptocurrency exchanges and has been showing relatively stable performance on the market in comparison to more "serious" assets that try to place themselves as more intrinsically valuable cryptocurrencies.
The creator of the coin that got moved suddenly also reacted to the occurrence of the large transaction with a laconic "Holy Macaroni." Unfortunately, the account that shared the initial transaction decided to block the DOGE creator, for whatever reason.
At press time, Dogecoin is trading at $0.09 with a 7% price increase in the last 24 hours.
Vladislav Sopov
Dan Burgin