Naina

07/23 11:26

180 million Dogecoins (DOGE) bring hope due to wha

180 million Dogecoins (DOGE) bring hope due to whale activity

Dogecoin (DOGE) trading price hit a new high since last month, and major giants have actively transferred their tokens. Blockchain tracking company Whale Alert monitored a huge transaction involving millions of Dogecoins.

Data provided by the company showed that on July 21, as many as 180 million Dogecoins were withdrawn from the popular cryptocurrency trading platform Robinhood, with a transaction amount of up to US$49,997,419.

Although the transfer resulted in millions of Dogecoins being withdrawn to a decentralized wallet called "DGTDRAk", the reason for the transfer is unclear, which has caused controversy in the cryptocurrency community.

However, it is worth noting that the wallet is not a new wallet and has a rich transaction history, recording many large transactions that have occurred in the past. The wallet currently holds up to 455,216,447 Dogecoins (DOGE), worth more than US$125 million.

 While the identity behind the transfer has yet to be determined, the continued movement of Dogecoin recorded in the wallet history has intrigued market participants, with many speculating that it could be an institutional investor or long-term holder accumulating funds in preparation for a larger market rally.

While there has also been speculation that the whale could be a Dogecoin-focused group preparing for future market transactions, his wallet history shows that he continued to send and receive millions of Dogecoin in the hours following the massive withdrawal of 180 million Dogecoin.

Dogecoin Approaches $0.3

A massive Dogecoin transaction coincided with a massive surge in the price of Dogecoin, which on Monday recorded the highest single-day gain among the top ten cryptocurrencies by market capitalization.

This has sparked speculation that the massive withdrawal of Dogecoin from trading platforms such as Robinhood could be a strategic accumulation of funds by a large institution, creating bullish momentum for the leading meme coin.

While Dogecoin's price was expected to rise sharply throughout the day in the early hours of Monday, the coin's gains slowed shortly after the withdrawal, trading at 0.2720.  However, it’s worth noting that it’s unclear whether this large Dogecoin transaction had any impact on the token’s performance.

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