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The dormant dogecoin whale becomes active again after a decade
Last updated: May 23, 2024 4:26 pm EDT | 1 minute read
A dormant Dogecoin (DOGE) whale with a wallet balance of 893,303 DOGE (approximately $145,101) became active on May 22 after more than 10 years of inactivity. The account made a transaction for the first time since May 2014. The sudden recovery has sparked concerns about the impact of such a transaction on Dogecoin’s price performance.
According to the whale alertthe Dogecoin Whale transferred 23,338 DOGE, worth approximately $4,000, to Binance, the largest cryptocurrency exchange in the world.
Dogecoin Whale owns 869,964 DOGE despite the huge transfer
Despite the large move, the whale still holds over 869,964 DOGE, worth approximately $141,101.
The latest revival is not an isolated event. At the beginning of the month, a Dogecoin Whale transferred $60 million in DOGE to Robinhoodwho had just received a Wells Notice from the Securities and Exchange Commission (SEC).
On May 21, Whale Alert revealed another major transaction. The transaction involved the mixing of a 600 million DOGE, worth approximately $100 million, between two unknown wallet addresses. Specifically, the Dogecoin whale transferred 300 million DOGE to each wallet.
🚨 🚨 🚨 300,000,000 #DOGE ($50,359,625) transferred from unknown wallet to unknown wallethttps://t.co/b7XUeTZ5J2
— Whale Alert (@whale_alert) May 21, 2024
These transactions have attracted considerable attention, but the motivations and implications of these transfers are unclear.
However, the movement caused the price of DOGE to increase by 13.08%.
DOGE recorded a price increase of 13.08%Coinglass data it also indicates greater investor interest in the asset. According to derivatives data, DOGE’s open interest (OI) increased by 27.05% to $1.05 billion, accompanied by a volume increase of 212.27% to $3.73 billion.
The latest activity, along with previous transactions with the Dogecoin whale, is getting the conversation rolling Dogecoin Price Prediction. Investors and market analysts are closely monitoring these movements, speculating on the potential for further price increases and the overall influence of whale activities on the future of the cryptocurrency.