Million Dollar Movement in Dogecoin

There has been another important development for Dogecoin, which has shown a remarkable increase in recent days. A Dogecoin whale transferred more than $9 million in DOGE to Binance.

Whale Alert, the digital platform that tracks major transactions in cryptocurrencies, announced a major DOGE transaction. At the time of this transaction, the total amount of the transfer was 113,000 DOGE, the total value of the said DOGE was approximately $9.4 million. However, since then, the Dogecoin price has continued to show explosive growth, increasing by more than 50% in the last 24 hours alone, causing these 113,000 DOGEs to now be valued at more than $13 million.

Such large crypto transactions are usually owned by an individual whale or an entity made up of a number of investors. Additional details of the transfer reveal that it went from an unknown wallet (possibly a personal wallet) to crypto exchange Binance. This is an example of a stock market entry transaction. This could mean a drop for the Dogecoin price as investors often deposit money on exchanges for the purpose of selling, as large inflows could be a signal for whales to sell their holdings.

So far, memecoin doesn’t seem to have lost any momentum from this stock market entry. However, it’s possible that the whale already made the transfer and was just waiting for the right opportunity to sell. Another big transaction took place on the Dogecoin blockchain a few days ago; this transaction was approximately 94,000 DOGE in size and was worth $7.2 million at the time of transfer. Currently this equates to $12.7 million.

As you can see above, this whale entry also headed for Binance. An interesting point to note is that the sender address of this transaction and one of the inputs of the new transaction are exactly the same. The Binance wallet address is also the same between both transactions. This may indicate that the same whale was included in both entries. At the time of this writing, the price of Dogecoin is hovering around $0.13, up 123% over the past week. Over the past month, memecoin has gained 117%. The chart below shows the trend in crypto price over the past five days.