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In a surprising turn of events, Whale Alert, a tracking service, has uncovered a significant transaction involving meme-inspired cryptocurrency Dogecoin (DOGE). An unidentified whale swiftly unloaded a staggering 86 million DOGE, valued at approximately $14.12 million, to prominent U.S.-based broker Robinhood. This unexpected move has sent ripples through the DOGE market, particularly impacting the price of the coin.
Gamza KhanzadaevThe sender, identified only by the address "DF8j," has a history of large-scale transfers, making this latest transaction somewhat consistent with previous actions. Despite the massive sell-off, there remains four million DOGE, worth around $645,242, in the whale's wallet.
Dogecoin (DOGE) price outlook
Simultaneously, the value of Dogecoin has plummeted during today's trading session. Since the commencement of trading, DOGE has experienced a significant decline of 8.8%, with the drop exceeding 10% at one point. This downturn has led to substantial liquidations, with positions totaling over $2.26 million being forcibly closed, predominantly affecting long positions.
As of now, Dogecoin is priced at $0.161, with a total market capitalization of approximately $23 billion. Despite the downward spiral, trading volume remains notably high, standing 28% above yesterday's levels. With a trading turnover exceeding $5.15 billion, Dogecoin retains its position as the seventh-largest cryptocurrency by trading volume.
Godfrey BenjaminWhile retail investors have been actively buying DOGE and entering long futures positions, the actions of these unidentified whales have presented a stark contrast. It remains unclear whether this significant sell-off is indicative of a broader trend or simply the decision of a single major investor. Only time will reveal the true implications of this sudden and substantial movement in the Dogecoin market.
Alex Dovbnya
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov