1.1 billion Dogecoins were transferred, and the price of DOGE may soar?
The dog-themed cryptocurrency Dogecoin (DOGE) has recently seen a flurry of activity, with three large transactions totaling 1.1 billion DOGE occurring between unknown wallets in a short period of time.
Blockchain data tracker Whale Alert reported that three large transactions totaling 1.1 billion DOGE occurred within an hour.
These transfers included two transactions of 300 million DOGE each, and a third transaction involving a staggering 500 million DOGE. The total value of these transactions is over $445 million based on Dogecoin's current market value.
Whale Alert reported 300,000,000 DOGE worth $121,375,564; 500,000,000 DOGE worth $202,294,187 and 300,000,000 DOGE worth $121,370,881 moving between unknown wallets.
The nature of these transactions remains unclear, and the anonymity of the wallets adds a layer of mystery.
Such large transfers are often associated with exchanges, institutional investors, or large holders known as “whales.” These movements may indicate over-the-counter trades that occur outside of exchanges or pure consolidation of holdings.
In the past 24 hours, Dogecoin’s large transaction volume has surged 41.12%, indicating an increase in activity from whales or institutional holders. Large transactions typically track transfers worth more than $100,000 and are often associated with institutional investors, exchanges, or whales.
As of the time of writing, DOGE is up 1.92% in the past 24 hours at $0.41. Dogecoin has been rising since finding support at the $0.365 low on November 26. If it closes in the green today, it will mark the third day of gains.
If the rally continues, bulls may look to push Dogecoin above $0.44. If they do, Dogecoin could surge to $0.50 and then to $0.59. On the other hand, a breakout and close below $0.369 could result in further declines. Dogecoin could drop to $0.33 and then to $0.30.
