Crypto whales are moving hundreds of millions of Dogecoin (DOGE) as price sees a bounce

By Selena On Feb 21, 2023

As the price of the well-liked dog-themed digital asset rises, hundreds of millions of Dogecoin (DOGE) tokens are being traded by cryptocurrency whales. DOGE price has increased by 8% in the past seven days.

Data from Dogecoin blockchain explorer DogeChain is used by DOGE whale tracker Dogecoin Whale Alert, which claims that wealthy cryptocurrency traders are selling the meme asset for tens of millions of dollars as its price climbs.

The data shows that high-net-worth investors exchanged more than 315 million DOGE tokens worth around $27 million in total, with the largest transfer being 100 million DOGE ($8.8 million) from a top-20 wallet to an unidentified wallet.

🐕🪙🐋🚨🚨🚨

35,728,561 $DOGE ($3,132,430 USD) was transferred from multiple wallets to an unknown wallet.

Fee: 20.00 ($1.75 USD)

Tx: https://t.co/jSedeIkzbU #DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews

— Ðogecoin Whale Alert (@DogeWhaleAlert) February 21, 2023

The Dogecoin whale-watching platform is also tracking the following significant transactions:

A top-20 wallet to a top-20 wallet transfer totaling 32,943,596 DOGE for $2.90 million.
Several wallets sent 39,556,733 DOGE worth $3.45 million to an unidentified wallet.
$2.28 million worth of DOGE valued 25,942,981 were transferred from several wallets to an unidentified wallet.
A top-20 wallet sent 50,000,000 DOGE worth $4.41 million to an unidentified wallet.
$2.27 million worth of DOGE valued 25,786,624 were transferred from several wallets to an unidentified wallet.
$1.10 million worth of DOGE valued 12,708,780 were transferred from several wallets to an unidentified wallet.
$2.56 million worth of DOGE valued 28,731,029 were transferred from several wallets to an unidentified wallet.

The whale-watching website also makes public the quantity of Dogecoin that the well-known trading site Robinhood is holding on behalf of its clients. It reveals that the well-known trading app holds 34.29 percent of the meme asset’s current circulating supply, or 33,562,118,360 DOGE worth $2.91 billion.

Dogecoin price dormancy does not mean it is losing meme coin battle

DOGE/USD 4-hour chart | Source: TradingView

Despite the amazing upswing that various digital currencies today printed, the first meme coin was essentially a spectator. Since the apparent increase last week, DOGE has remained unchanged as the price is trading for $0.0877, over a 10% improvement over its seven-day low of $0.8.

Dogecoin is still up 8.46% week to date. However, the current state of its ecosystem’s activity is not promising. The proof-of-work (PoW) consensus mechanism-based protocol has not shared any meaningful utility or protocol advancement for a while, which is a big cause of concern for the protocol’s top holders. Despite the dearth of activity, on-chain statistics reveal that today has more active Dogecoin addresses than any other day in the previous week.

Source: CoinMarketCap

One can ask whether there is a concerted, covert plan to purchase the token in the mid-to-long term as more addresses enter. The immobility of Dogecoin’s price movement is also in opposition to the surge in trading volume, which increased by 34.20% over the previous day. Whether or whether something is in the works, Dogecoin will be monitoring it throughout the week.

Dogecoin is currently ahead of other meme coins in terms of market valuation, including Shiba Inu (SHIB), Floki Inu (FLOKI), and Bonk (BONK), among others. In addition, Shiba Inu has shown to be a more interesting token than Dogecoin because it has developed a utility beyond solely depending on Elon Musk’s tweets for its growth. Dogecoin is still the iconic meme coin, but Shiba Inu could challenge it, especially with the upcoming Shibarium.

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