Whale Makes a Splash: 1 Billion DOGE

Dogecoin, a prominent meme coin in the cryptocurrency space, experienced notable attention on Tuesday due to a substantial whale transfer coinciding with the current drop in its price.

However, On-chain data revealed a massive transfer of approximately 1 billion DOGE across the broader cryptocurrency market today, sparking speculation and excitement among enthusiasts in the crypto market.

Simultaneously, the DOGE transfer involved moving coins from a centralized exchange (CEX) to an unidentified wallet, generating positive sentiment for the token.

However, according to information released by Whale Alert, a platform that organizes blockchain metrics, a significant whale transaction occurred on Dec 26. The data shows that a whale moved 999.99 million DOGE from Binance to two undisclosed wallets.

At the same time, the cumulative value of coins transferred reached $91.19 million during the writing period.

Market Watches As DOGE Faces Declining Trends

However, the whale transaction raised more questions about the meme coin by suggesting that the token’s supply may decline. Notably, investors and dealers in the cryptocurrency space appear to be closely watching the token as the information surfaced during a price decline.

The DOGE price chart depicts a decline, showing a 0.62% drop in the last 24 hours, with the current trading value at $0.09257. Furthermore, this decrease is reflected in a weekly decline of 0.30%.

Interestingly, the token’s market capitalization mirrors the observed price decline in DOGE, indicating a slight decrease of 0.63%, currently standing at $13.17 billion. Nevertheless, there is a notable increase in the 24-hour trading volume, demonstrating a surge of 7.54% in the past day.

However, The whale’s tactic during the price drop seems to have sparked DOGE market sentiment. Whale action suggests decreasing token supply, showing increased faith in DOGE.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.