Amid the current market downtrend, large investors, commonly known as whales, are making major moves, shifting significant amounts of Dogecoin between external wallets.
The latest transactions have raised questions about the entities behind them and speculations about a possible price rally. While DOGE joins in the global market decline, investors are wondering what is next for the flagship meme coin.
Whales Move 466 Million DOGE to New Address
Whale Alert, a prominent crypto large transaction tracker, first spotted the movement and reported it on X (formerly Twitter). According to its report, an unknown entity transferred exactly 466,890,148 Dogecoins from its address to another wallet labeled ‘unknown.’
The transaction, which was worth about $149.13 million, immediately caught the attention of the Dogecoin community.
Transactions of such volume to external wallets are often interpreted as bullish since those wallets are often used to hold crypto for the long term. This raised conjectures about the possible impact on DOGE’s trajectory as we enter the new year.
Another 350 Million DOGE on the Move
Meanwhile, another anonymous whale conducted a separate transaction a few hours after the first. This time, they moved 350,000,000 DOGE coins, worth $109.9 million.
350,000,000 #DOGE (109,962,192 USD) transferred from unknown wallet to unknown wallethttps://t.co/vQaVIVC7oB
— Whale Alert (@whale_alert) December 30, 2024
We looked into the transaction hash and found that the destination address ‘DQhg…o79Y,’ received this massive amount of Dogecoin through 35 transactions of 10 million DOGE each.
Following this, the wallet received another 3.4 million DOGE, worth about $1 million from a separate address.
DOGE Price Fails to Build Momentum
Even though the transactions were interpreted as bullish, the price of DOGE has failed to capitalize on the momentum.
dogecoin daily chart | Source: Coinmarketcap
According to on-chain data, Dogecoin (DOGE) plummeted by 0.13% to trade at $0.3205 at the time of writing. However, its trading volume spiked by 25.7% to $2.51 billion.
The decline hasn’t deterred investors’ sentiment though, in fact, they see it as an opportunity to buy the largest meme coin at a discounted price. Ultimately, Dogecoin positions as the 7th-largest cryptocurrency by valuation with a live market cap of $47.24 billion.
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