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In recent weeks, Dogecoin (DOGE) has been undertaking a relentless search for price increases. While the market was seeing a surge in activity, an unexpected twist took place when an anonymous whale made a major decision to sell some of his coveted meme coins.
After causing surprise, one of these huge holdings of Dogecoin made its way onto the Binance cryptocurrency exchange, setting the stage for intrigue and speculation.
This interesting development came at a time when Dogecoin was determined to rebound and recoup some of the losses it has suffered in recent weeks.
Dogecoin Whales Rises Waves: DOGE Mass Transfers Confused
In a series of transactions, the Dogecoin community was rattled by news of significant transfers involving the popular meme-inspired cryptocurrency. Cryptocurrency platform @DogeWhaleAlert, known for tracking large DOGE transfers on Twitter, recently reported multiple colossal DOGE wallet transfers totaling over 100 million DOGE.
14,835,380 $DOGE ($1,103,737 USD) was transferred from multiple wallets to a #Binance wallet.
Fee: 1.00 ($0.07 USD)
Tx: https://t.co/4lBCExiwYT#DogecoinWhaleAlert #WhaleAlert #dogecoin #CryptoNews
— Ðogecoin Whale Alert (@DogeWhaleAlert) May 17, 2023
Among the notable transactions, one of the largest transfers included a staggering 14,835,380 DOGE that was sent to Binance. At the other end of the spectrum, the smallest transaction was an impressive 10,000,000 DOGE.
Within 24 hours, there were a total of five large transfers of the DOGE meme-coin, as substantial chunks of the cryptocurrency ranging from 10 million to 30 million DOGE were quickly moved between wallets.
The surge in activity has sparked the interest of the Dogecoin community and the wider crypto space as they look forward to analyzing the implications of these significant moves.
DOGE Whale Behavior Causes Market Unrest: Impact on Price
The recent surge in large-scale DOGE transfers by anonymous whales has not gone unnoticed, and their behavior has caused waves in the cryptocurrency market.
Unsurprisingly, the market reacted to the recent whale transfers, resulting in notable price volatility for Dogecoin. The price of DOGE, as reported by CoinGecko, has fallen slightly by 0.7% over the past 24 hours. This decline is likely due, at least in part, to the influx of significant DOGE assets into exchanges and is potentially creating selling pressure.
The market capitalization of DOGE is currently $10 billion. Chart: TradingView.com
However, the broader trend for Dogecoin remains positive, with a 2.7% gain over the past seven days. This upward momentum, combined with the wider spread and renewed interest in DOGE, may indicate that the impact of whale transfers on the overall price has been mitigated by bullish market sentiment.
Until then, observers will continue to analyze the actions of these anonymous whales, looking for ideas and waiting for the next twist in the ever-evolving history of Dogecoin.
– Featured Image by Cryptoglobe