Dogecoin whale has moved $29.6 million worth of DOGE for a transaction fee of little over $0.11
A Dogecoin whale transferred a whopping $29.6 million worth of meme-inspired crypto with a transaction fee of less than $0.11, as it costs 1 DOGE. The funds went through a series of transactions but did not appear to have been sent to an exchange.
Dogecoin whale moves $29 million for $0.11 in fees as crypto market recovers
This whale transferred their coins several times after, and they are now sitting at a previously unknown address. The whale’s initial trade moved close to 263 million DOGE costing them only about $0.11 in fees, which is the price at which the meme-inspired cryptocurrency is currently trading.
The giant whale trade was first reported by Benzinga, which noted that it comes at a time when the crypto market is being rocked by significant geopolitical and economic forces and trading. That outbreak comes after DOGE whales made 118 transactions worth more than $2 million in a single day.
These whale deals started to increase shortly after Tesla CEO Elon Musk revealed on social media that he still owns and “will not sell” his crypto holdings, including Bitcoin, Ethereum, and DOGE, as AZCoin News reported.
For Musk, when inflation hits, physical assets like real estate or stocks in companies that people believe “make good products” should take precedence over fiat currencies like the US dollar getting a raise. Musk’s comments come shortly after he revealed Tesla and SpaceX are “seeing significant recent inflation pressure in raw materials & logistics.”
The notable movements also come when the crypto market appears to be recovering. The MVIS CryptoCompare Digital Assets 10 Index, a “modified market cap-weighted index which tracks the performance of the ten largest and most liquid digital assets,” is up more than 2.7 % in the last 24 hours.
Late last year, Musk revealed that he believes DOGE is better for transactions than other cryptocurrencies like BTC. At the time, Musk said bitcoin’s transaction volume was low while the cost per transaction was high, making it more suitable as a store of value. Being a store of value means that investors want to keep their BTC and not sell or move it in transactions.
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