Deep-pocketed crypto investors are abruptly moving hundreds of millions of Dogecoin (DOGE) as the top memecoin bounces off its monthly low.
Blockchain monitoring platform Whale Alert initially spotted the large Dogecoin transactions amounting to 776,351,068 DOGE worth $48.47 million.
The largest Dogecoin transaction in the past day involves a crypto whale moving 308,390,532 DOGE worth $19.22 million from Binance to a wallet of unknown origin.
? 308,390,532 #DOGE (USD 19,220,280) transferred from #Binance to unknown wallethttps://t.co/5lPBZoWZRV
— Whale Alert (@whale_alert) August 18, 2023
Whale alarm shows that the DOGE investor paid next to nothing to move the massive Dogecoin pile.
In another transaction, a whale shifted 253,419,377 DOGE worth $16.05 million from retail trading platform Robinhood to an unknown wallet. The entity paid approximately $0.28 to process the transaction.
Next, a large Dogecoin holder moved 129,673,539 DOGE worth $7.90 million from Robinhood to a wallet of unknown origin. Whale Alert reveals that the crypto whale spent $0.57 to make the transfer.
Whale Alert too witnessed the movement of 84,867,620 DOGE worth $5.30 million from an unknown wallet to Robinhood. The whale paid less than $0.10 to move the Dogecoin treasure. Since the DOGE has been transferred to an exchange, it may be able to be sold on the open market.
The big Dogecoin moves come as the leading memecoin tries to recover from last week’s market woes. On August 18, Dogecoin printed a monthly low of $0.059 during the crypto sell-off. DOGE has since risen and is trading at $0.064 at the time of writing.
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