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- The whale’s massive transaction was initially reported on by Benzinga, which observed that it occurred at a time when the cryptocurrency market was being shook by enormous geopolitical and economic forces, and that it followed a day in which DOGE whales completed 118 transactions worth over $2 million.
- The whale’s first transaction, which moved roughly 263 million DOGE, cost them only $0.11 in fees, which is the current price of the meme-inspired cryptocurrency.
- The MVIS CryptoCompare Digital Assets 10 Index, which is a modified market cap-weighted index that monitors the performance of the 10 largest and most liquid digital assets, has gained nearly 2.7 percent.
A Dogecoin ($DOGE) whale has moved $29.6 million worth of the meme-inspired cryptocurrency for just over $0.11 in transaction fees since each DOGE cost the whale 1 DOGE. The money was moved about in a number of transactions, but it doesn’t appear that it was transmitted to an exchange.
Roughly 263 Million DOGE, Cost Them Only $0.11 In Fees
The whale shifted their funds numerous times after that, according to data from a Dogecoin blockchain explorer, and they are presently parked at a previously unknown address. The whale’s first transaction, which moved roughly 263 million DOGE, cost them only $0.11 in fees, which is the current price of the meme-inspired cryptocurrency.
The whale’s massive transaction was initially reported on by Benzinga, which observed that it occurred at a time when the cryptocurrency market was being shaken by enormous geopolitical and economic forces and that it followed a day in which DOGE whales completed 118 transactions worth over $2 million.
Tesla CEO Elon Musk announced on social media that he still owns and won’t sell his cryptocurrency assets, which include Bitcoin ($BTC), Ethereum ($ETH), and DOGE.
When inflation rises, physical assets such as real estate or shares in companies that people believe produce nice stuff should be preferred over fiat currencies such as the US dollar, according to Musk. Musk made the remark after revealing that Tesla and SpaceX are under strong recent inflation pressure in raw materials and logistics.
10 Largest And Most Liquid Digital Assets
The swings are particularly noteworthy because they occur at a time when the bitcoin market appears to be recovering. In the previous 24 hours, the MVIS CryptoCompare Digital Assets 10 Index, which is a modified market-cap-weighted index that monitors the performance of the 10 largest and most liquid digital assets, has gained nearly 2.7 percent.
Musk stated late last year, as reported by CryptoGlobe, that he believes DOGE is superior for transactions to other crypto assets such as BTC. Musk claimed at the time that bitcoin’s transaction volume is low but its transaction cost is high, making it more ideal as a store of value. Because Bitcoin is a store of value, investors prefer to keep it rather than sell it or move it in transactions.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
