According to a few recent tweets posted by the @DogeWhaleAlert, over the past 24 hours, the biggest crypto exchange by trading volume, Binance, has transferred more than 400 million DOGE among its internal wallets.
The two enormous transactions carried 301,667,311 DOGE and 100,906,386 DOGE evaluated at $29,677,728 and $9,927,069.
🐕🪙🐋🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨— Ðogecoin Whale Alert (@DogeWhaleAlert) April 4, 2023
301,667,311 $DOGE ($29,677,728 USD) was transferred from a #Binance wallet to a #Binance wallet.
Fee: 2.41 ($0.24 USD)
Tx: https://t.co/OnpOCVsW9A#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews
This was likely to do with redistributing funds between local wallets of the exchange. Overall, after yesterday's news about Elon Musk, Twitter and Dogecoin, the price of the latter surged by 30% within one hour and is now trading at the $0.01009 level, according to CoinMarketCap.
As the price surged, the meme coin's market cap increased by nearly 29%, hitting $13,972,987,874, and the trading volume of DOGE went up by 671%, reaching $5,125,163,854 in the last 24 hours.
Aside from Dogecoin itself, CoinGecko reports that all Doge-related meme coins are on the rise today, too.
Musk's maneuver makes DOGE spike
As reported by U.Today earlier, on April 3, Twitter’s usual logo depicting a blue bird was changed for a Dogecoin logo. This pushed the price of the meme coin way up, adding more than 30% overall.
Still, the meme coin is now trading more than 86% below the all-time high of $0.7376 reached in May 2021 after Elon Musk shilled DOGE during his debut on Saturday Night Live.
Still, it seems that after the price surge, many whales began to sell, moving profits off the table. Today Whale Alert spotted transfers of 650 million and 300 million Dogecoin. The first one was made by the fifth largest DOGE holder as he likely moved his meme coins to be sold.
Alex Kruger expects "massive dog run"
Prominent economist and trader Alex Kruger has tweeted that after the surge of Dogecoin, he believes things on the market are making way for "a massive dog run" that may happen later this year.
He suggested looking back at May 2021 (when Dogecoin hit its historic peak), and November 2021, a little after SHIB surged to an all-time high. His bets among meme tokens are SHIB and SOV.
Everything is shaping up for a massive dog run later in 2023.— Alex Krüger (@krugermacro) April 4, 2023
Pick your fighters. I already have.