Dogecoin whales shifted $52 million worth of tokens after DOGE price plunged from $0.092 to $0.082 within a few hours on Wednesday.
Dogecoin (DOGE), the largest meme coin by market cap, has witnessed its price plummet by over 10% in today’s trading session. The dog-faced crypto registered massive declines in the past week. While the DOGE price dip is escalating, whales have moved over 600 million tokens via popular crypto exchanges, such as Binance and Robinhood, which could propel the price to plunge harder.
Dogecoin Whale Transactions Exceed 600 Million
The DOGE whales transferred over 635 million tokens (worth over $52 million) through massive transactions on Binance and Robinhood. According to a post by Whale Alert on X, the latest transaction was conducted via Binance, which recorded a shift of 300 million DOGE from an unknown wallet to the exchange. The transaction was worth $24.62 million.
In addition, another significant transaction was recorded about eight hours before the latest one. A whale moved 151.68 million DOGE tokens worth $12.49 million to an undisclosed wallet from Robinhood. Whilst, about four hours ahead of this transfer, two major Dogecoin transactions were recorded.
Both of these transactions were directed towards Robinhood via an unidentified wallet. The transfers witnessed a shift of 102.27 million and 82.08 million DOGE worth $8.40 million and $6.74 million, respectively.
Most of the above-mentioned transactions have been made toward a crypto exchange. This suggests that whales have been dumping their DOGE holdings during the recent price dip. However, the one transaction that witnessed a shift of DOGE from Robinhood to an unknown wallet signifies that some are taking advantage of the Dogecoin price drop, expecting it to rise in the future.
DOGE Price Plummets 10%
The DOGE price tumbled by 10.10% as the crypto traded at $0.08243 at press time on Thursday, January 4, 2024. Moreover, in the last seven days, the meme coin has lost about 12% in value. In addition, despite the initial gains, the 1-month losses have now amounted to about 9%.
Earlier, on Wednesday, the dog-theme crypto plunged from $0.092 to $0.082 within two hours, accelerating the price decline. In addition, the $DOGE market cap slumped by 9.95% to $11.77 billion. However, the 24-hour trade volume registered a massive increase. The trade volume skyrocketed by 141.46% to $1.08 billion. #dyor
