The broader crypto market has witnessed significant fluctuations since the start of the year. Amidst the said ups and downs in cryptocurrencies’ trading price, most crypto assets movement slowed down. Recently, however, a significant amount of the biggest memecoin Dogecoin (DOGE) reported to get transferred. The biggest Dogecoin whale within the market was said to be behind the transactions.
The DOGE transfer was transferred from the biggest Dogecoin wallet to the fifth biggest wallet address of the memecon.
Approximately 3.8 billion DOGE, equivalent to 280 million USD given the current price of Dogecoin of 0.7242 USD, were said to be transferred by the biggest crypto holder. The transfer was received by the address dubbed as ‘DDuXGM’ and it took place within the last 24 hours. The wallet address received the significant amount also falls under the whale wallet given its the fifth biggest wallet of Dogecoin blockchain.
The community is taking the move as an unusual instance given that the whales could be distributing the funds among themselves. Yet given the funds transfer took place between the whale wallets—from biggest wallet to fifth—it could also be inferred that both of them belong to the same holder.
Although the crypto wallets involved in the transaction were not completely dried up, they were not involved in making many transactions either. Given the situation, this could also be concluded that one the addresses might belong to the any trading or Over the Counter (OTC) platform. This could indicate that these wallets are being used as an operational tool for the platforms.
Massive transfers are typically associated with selling operations, therefore the occurrence of such transfers while the meme coin’s price is falling is a pessimistic sign. The enormous $300 million sale surge will undoubtedly result in another drop, which DOGE holders do not need at this time.
Dogecoin has lost more than 35% of its value in the last two weeks. A “death cross” indicator for Dogecoin was formed when two moving averages crossed each other in the opposite direction on the assets’ daily chart, in addition to the depressing price performance. At the time of publication, DOGE is up 4% in value over the previous 24 hours and is trading at $0.07.
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.