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Crypto News

Major Dogecoin Shifts by Whales as Memecoin Attempts a Bounceback

Author

Jay Solano

Tags

Reading time

1 min
Last update

Author

Jay Solano

Tags

Reading time

1 min
Last update

Author

Jay Solano

Tags

Reading time

1 min
Last update

dogecoin

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As Dogecoin (DOGE) showcases signs of recovery from its recent slump, crypto whales are suddenly relocating vast quantities of the popular memecoin.

Blockchain tracking tool, Whale Alert, recently detected significant Dogecoin transactions amounting to 776,351,068 DOGE, equivalent to approximately $48.47 million.

The most considerable single transaction during this period saw a crypto entity transfer 308,390,532 DOGE, valued at $19.22 million. This movement was initiated from the Binance platform to an unidentified wallet. Impressively, the cost incurred to make this substantial transfer was virtually negligible.

Another notable transaction involved the transfer of 253,419,377 DOGE, equivalent to $16.05 million, from the retail trading platform Robinhood to another unspecified wallet. This transaction was completed at a mere cost of about $0.28.

Furthermore, Whale Alert observed the transfer of 129,673,539 DOGE (worth $7.90 million) from Robinhood to an unknown destination. This transaction cost the crypto investor just $0.57.

Another significant movement included the transfer of 84,867,620 DOGE, totaling around $5.30 million, from an undisclosed wallet to Robinhood. Executed at a cost of less than $0.10, the recent transfer to an exchange like Robinhood suggests the potential sale of the DOGE on the broader market.

These large-scale Dogecoin transactions align with the memecoin’s attempt to rebound from its recent market setbacks. After recording a monthly low of $0.059 on August 18th, courtesy of the broader crypto downturn, DOGE has displayed resilience and is currently valued at $0.064.