Recent data from Whale Alert, a prominent blockchain monitoring platform, has revealed an astonishing transfer of 816 million Dogecoin (DOGE) in just over an hour, fueling concerns of a potential market dump. The transaction involved two significant transfers: one for 466,890,148 $DOGE , valued at approximately $149 million, and another for 350 million DOGE worth around $110 million. These massive transfers occurred from anonymous wallets to unknown destinations, raising eyebrows within the cryptocurrency community.
The timing of these transfers coincided with a notable dip in #Dogecoin ’s price, as the cryptocurrency experienced a sharp decline, printing a large red candle on its hourly chart. In the span of a few hours, the price of Dogecoin dropped by 3.44%, before partially recovering to $0.31077, down from $0.32055. This sudden price action has led some to speculate that a large-scale sell-off or "dump" of DOGE could be underway, potentially influencing the coin's short-term volatility.
The second, smaller transfer involved a whale moving funds from seven separate blockchain addresses to two different wallets, while the larger transaction was a composite of 15 smaller transfers from three distinct wallets. These complex movements have further sparked intrigue about the motivations behind such large-scale transfers and what they could mean for the future of Dogecoin.
In other news, #Elon Musk recently revisited his 2021 proposal for establishing the Texas Institute of Technology and Science (TITS), where he suggested that tuition fees could be paid in Dogecoin, with dog owners receiving discounts. Musk’s comments have drawn attention, especially following a tweet from Katherine Boyle, an Andreessen Horowitz partner, advocating for the creation of such an institution. Musk agreed with her vision, further emphasizing his support for Dogecoin’s growing potential as a payment method in various sectors.
