Dogecoin Whales Are Moving Millions Of Dollars – Here’s Why
January 06 2024 - 9:00AM
NEWSBTC
On-chain data from whale transaction tracker Whale Alerts has
revealed multiple transfers of Dogecoins changing hands between
unknown whales and crypto exchanges Binance and Robinhood. Large
whale transfers such as this one, which collectively amounted to
1.88 billion DOGE tokens throughout the week, tend to catch
investors’ attention over their motives. But this elaborate shuffle
between whales could be attributed to the approaching DOGE-1 space
mission to take Dogecoin to the moon. Related Reading: Maker Market
Heats Up: Over 600 Addresses Complete MKR Trades In Single Day
Dogecoin Whales Transfer Millions Of Dollars Whale Alert showed
whales moving large transfers to and from Binance, Robinhood, and
unknown wallets totaling more than 1.88 billion Dogecoin. Large
transfers kickstarted on the first day of the month with a transfer
of 56.9 million DOGE worth $5.079 million to Coinbase. The tracker
reported a flurry of large transfers on January 3, starting with a
transfer of 82 million DOGE worth $6.74 million to Robinhood. In
less than 15 minutes, another whale wallet made a transfer of 102
million DOGE tokens worth $8.4 million to Robinhood. Hours later, a
reverse transaction occurred, with 151 million DOGE tokens worth
$12.4 million making their way out of Robinhood to a private
wallet. 🚨 56,999,997 #DOGE (5,079,422 USD) transferred from unknown
wallet to #Coinbasehttps://t.co/wgcGKHIbpR — Whale Alert
(@whale_alert) January 1, 2024 Whale transfers continued into
January 4 with hundreds of millions of DOGE in each transfer. The
first transaction of the day was 300 million DOGE worth $24.6
million sent from an unknown wallet to crypto exchange Binance.
Hours later, 307 million DOGE worth $25.4 million were exchanged
between unknown wallets. At the same time, another alert revealed
that unknown wallets had participated in the exchange of 883
million DOGE tokens, which had a total value of $72.9 million. DOGE
market cap currently at $11.486 billion. Chart: TradingView.com 🚨
300,000,000 #DOGE (24,629,096 USD) transferred from unknown wallet
to #Binancehttps://t.co/M3WBb9bPOW — Whale Alert (@whale_alert)
January 4, 2024 🚨 🚨 307,491,734 #DOGE (25,401,703 USD) transferred
from unknown wallet to unknown wallethttps://t.co/Cc0joaL1Nf —
Whale Alert (@whale_alert) January 4, 2024
https://x.com/whale_alert/status/1742916334344655174?s=20 🚨 🚨
🚨 883,016,276 #DOGE (72,931,469 USD) transferred from unknown
wallet to unknown wallethttps://t.co/BdMsUHqe2t — Whale Alert
(@whale_alert) January 4, 2024 Possible Explanation Behind The
Whale Transfers The whale activity comes against the backdrop of
the planned mission to take DOGE to the moon. The planned mission
called DOGE-1 was paid exclusively with Dogecoins and initially
planned to take place in December 2023. However, Intuitive
Machines, the company behind the launch in partnership with Space
X, postponed the launch date to sometime in mid-February 2024.
Related Reading: Falling Down: XRP Sheds 10% As Short-Term Recovery
Prospects Remain Dim The launch of DOGE-1 mission was first
announced by Elon Musk on Twitter (now called X) on May 9, 2021,
and has since been approved by the NTIA and FCC. The main purpose
of the mission is to broadcast art inspired by Dogecoin on the
Doge-1 satellite, which will be orbiting the Moon. The satellite
will be carried by a Space X rocket and the Dogecoin-inspired art
will be broadcast to Earth. It’s been anticipated that the mission,
if eventually carried out, will contribute to a DOGE price
surge. SpaceX launching satellite Doge-1 to the moon next
year – Mission paid for in Doge – 1st crypto in space – 1st meme in
space To the mooooonnn!!https://t.co/xXfjGZVeUW — Elon Musk
(@elonmusk) May 9, 2021 The price of DOGE has reacted negatively to
the movements, as the crypto is down by double digits in the past
week. At the time of writing, DOGE is trading at $0.07973, down by
12% in a 7-day timeframe. Featured image from iStock
Maker (COIN:MKRUSD)
Historical Stock Chart
From Apr 2024 to May 2024
Maker (COIN:MKRUSD)
Historical Stock Chart
From May 2023 to May 2024