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Dogecoin whales move millions of dollars

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Data from the chain of whale transaction tracker Whale Alerts has revealed multiple transfers of whales Dogecoins exchanging hands between unknown whales and crypto exchanges Binance and Robinhood. Large whale transfers like this one, which collectively amounted to 1.88 billion DOGE tokens during the week, tend to attract investor attention due to their motives. But this extended shuffle between whales can be attributed to the impending DOGE-1 space mission to take Dogecoin to the moon.

Dogecoin whales transfer millions of dollars

Whale Alert showed whales moving large transfers to and from Binance, Robinhood, and unknown wallets, totaling over 1.88 billion Dogecoin. Major transfers started on the first day of the month with a transfer of 56.9 million DOGE worth $5.079 million to Coinbase. The tracker reported a wave of large transfers on January 3, starting with a transfer of 82 million DOGE worth $6.74 million to Robinhood. In less than 15 minutes there will be another whale wallet made a transfer of 102 million DOGE tokens worth $8.4 million to Robinhood. Hours later, A reverse transaction took place, with 151 million DOGE tokens worth $12.4 million making their way out of Robinhood and into a private wallet.

The whale transfers continued until January 4, with hundreds of millions of DOGE in each transfer. The first transaction of the day, 300 million DOGE worth $24.6 million was sent from an unknown wallet to crypto exchange Binance. Hours later 307 million DOGE worth $25.4 million were exchanged between unknown wallets. At the same time, another alert revealed that unknown wallets had participated in the exchange of 883 million DOGE tokens, which had a total value of $72.9 million.

DOGE market cap currently at $11.486 billion. Chart: TradingView.com

https://x.com/whale_alert/status/1742916334344655174?s=20

Possible explanation behind the whale transfers

The whale activity comes against the backdrop of the planned mission to return DOGE to the moon. The planned mission called DOGE-1 was paid for exclusively with Dogecoins and was initially scheduled to take place in December 2023. However, Intuitive Machines, the company behind the launch in collaboration with Space

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The launch of the DOGE-1 mission was the first announced by Elon Musk on Twitter (now called X) on May 9, 2021, and has since been cleared by the NTIA and FCC. The main goal of the mission is to broadcast art inspired by Dogecoin on the Doge-1 satellite, which will orbit the moon. The satellite will be carried by a Space X rocket and the Dogecoin-inspired art will be broadcast to Earth. It is expected that the mission, if ultimately carried out, will contribute to a price increase of DOGE.

DOGE’s price has reacted negatively to the moves, such as the crypto has been taken down by double digits in the past week. At the time of writing, DOGE is trading at $0.07973, down 12% in a seven-day span.

Featured image from iStock

Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.



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