A Dogecoin Whale Removes 86 Million DOGE from the Market
As a kind of profit-taking, a "Whale" of Dogecoin (DOGE) recently sold off large chunks of their DOGE holdings. Because of this move, the price of the meme currency has been falling ever since.
Based on what we can see from the blockchain, the crypto trader put 86 million DOGE into the Robinhood exchange so they could cash in on the current price increase of the meme currency. But the whale seems to have a long-term optimistic outlook on the meme currency; they have repurchased and are still holding a large quantity of DOGE.
The magnitude of the transaction has caused Dogecoin's price to fall, and it is presently trending lower. A number of cryptocurrencies have made great strides in the last few weeks, but Dogecoin and similar joke coins have recently taken the lead. So, it's hardly surprising that the Dogecoin whale in question made the most of the chance to benefit.
Taking advantage of the meme coin ecosystem has been a theme this week. The PEPE whales made $3.364 million and the Shiba Inu (SHIB) whales $48.105 million in realized gain by selling their meme coins, respectively, according to Bitcoinist.
The leading meme cryptocurrencies, DOGE and SHIB, have had steep price drops of nearly 6% and 18% in the last week, respectively, due in part to this influx of profit-taking.
Meme currencies based on Solana, on the other hand, have supported the meme coin ecosystem as a whole, and their crypto tokens have attracted incredible numbers of investors. The rapid expansion of Book of Meme (BOME) since its inception last week makes it stand out. It has been listed on major crypto exchanges and its market worth increased to $1 billion.
In a post on X (formerly Twitter), the on-chain analytical tool Spot On Chain exposed a cryptocurrency trader who had just amassed a fortune via an investment in SHIB. For $16.146 million, this trader bought 1.741 trillion SHIB (average price: $0.000009272), and for $39.668 million (average price: $0.00002278), a profit of $23.5 million.
