Dogecoin Whale Moves $100 Million From Unknown Wallet In 3 Different Transactions
In recent months, Dogecoin’s acceptance in the cryptocurrency market has increased and its value has reached new heights.
At the time of writing, doge is trading at $0.0843, down nearly 12% over the past seven days. Despite some loss of aggressiveness last week, the meme-coin has managed to maintain a 5% gain over the last 30 days, data from Coingecko shows on Sunday.
Over $34 million worth of Doge has been moved to various unknown addresses in the past 72 hours, according to monitoring by the whale tracking service DogeWhaleAlert.
Dogecoin Whale transfers a total of 1.2 billion coins
Now that figure has just inflated, as Whale Alert found. three mass transfers Dogecoin (DOGE) with a total value of 1.2 billion coins.
These latest transfers, whose source and destination are unknown and which were completed without any hiccups, further confirm the belief that cryptocurrencies are the future of finance.
According to a leading tracker of large cryptocurrency transactions, the transfers, each worth 400 million DOGE, have sparked enthusiasm in the crypto world as they total around $100 million.
However, what has completely surprised the cryptocurrency community is the transaction fee. The transfers were made for a modest $0.16 in DOGE, a cost that no traditional bank could beat.
Transfers completed within minutes
Transaction fees have long been a major concern for users in the crypto market. Since January 2021, the average transaction value of Dogecoin has been slightly above $0.44 compared to Ethereum.
Ethereum leads the transaction fees department. According to on-chain data, a typical transaction on Ethereum costs more than $1.6, but the same transaction on other protocols can reach $9.
Dogecoin and the wider crypto market started 2023 on a positive note, with the price of the dog-themed coin showing an upward trend. However, last week Dogecoin experienced a sharp drop that wiped out its previous gains.
The two whale addresses have received a total of 11,238,539 DOGE ($922,055) and 5,000,000 DOGE ($410,285) since Friday, when larger transaction transfers were discovered on the network.
Bullish short-term outlook for DOGE
An increase in DOGE transfers from leading whale accounts could mean a bullish short-term outlook for the popular meme coin.
Market watchers suggest that the massive crypto movement is driven by larger interests. Traders with long positions in the market may seek to increase their holdings.
DOGE total market cap at $11 billion on the weekend chart | Chart: TradingView.com
Meanwhile, the wider crypto market is waiting for an external positive signal from Tesla CEO Elon Musk.
Elon Musk. Image: Mashable
Twitter has continued its ambition to combine fiat and cryptocurrency payments into a microblogging app, and Dogecoin supporters are hoping that the meme coin will be chosen as an alternative to cryptocurrency.
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