Bitrabo Editorial
Dogecoin’s decline continues as on-chain data reveals that whales have been involved in significant transactions over the past day.
Whales Make Several Large Moves in Dogecoin in the Last 24 Hours
According to data from Whale Alert, a cryptocurrency transaction tracker service, multiple massive transactions have taken place on the Dogecoin blockchain in the past day.
There were a total of 13 large DOGE transactions in the last 24 hours, which can be grouped into two batches. The first batch consisted of six transfers on the network, amounting to 3,758,651,596 DOGE (equivalent to $227.7 million at the current exchange rate).
These transactions are considered part of the same batch because they occurred close to each other, with some happening simultaneously. The blockchain data also indicates that the same sending and receiving addresses were involved in these transfers, suggesting that a single whale or a group of whales may be behind them.
One particular transaction from this first batch is highlighted below:
The massive transfer only incurred a fee of 2 DOGE | Source: Whale Alert
It is worth noting that both the sender and receiver addresses in these Dogecoin transactions are unknown, indicating that they are wallets not affiliated with any known centralized platform like an exchange. These addresses are typically associated with investors.
The involvement of centralized platforms can sometimes provide hints about the purpose of such transactions. However, since these transfers occurred between two unknown addresses, it is challenging to determine their specific reasons. Possibilities range from changing wallets to selling through over-the-counter deals.
Interestingly, the second batch of Dogecoin whale transactions also involved movements between unknown wallets. Details of the first transfer from this batch are highlighted below:
This transaction incurred a negligible fee of 4.5 DOGE | Source: Whale Alert
In total, there were seven transfers in this batch with identical sending and receiving addresses. The sending amounts for each transaction were also the same: 800,000,000 DOGE. Therefore, a total of 5,600,000,000 DOGE (equivalent to $340 million) moved across the blockchain through these transfers. Furthermore, a notable similarity between the two batches is that the sending address of the second batch and the receiving address of the first batch are the same entities.
This suggests that the whale entity that received coins from the whale in the first transactions made significant transfers themselves a few hours later.
Although it is difficult to determine the exact purpose of these transfers alone, when combined with the price trend over the past day, it is possible that selling was the intended goal. This potential whale selling coincided with the Federal Reserve’s interest rate decision, which seems to have impacted not only Dogecoin but the entire cryptocurrency market.
Current DOGE Price
At the time of writing, Dogecoin is trading at around $0.06, experiencing a 10% decrease in the last week.
DOGE continues to decline | Source: DOGEUSD on TradingView
Featured image from Mike Doherty on Unsplash.com, chart from TradingView.com