Significant Dogecoin Transactions by Crypto Whales Following Price Rebound.
Prominent cryptocurrency investors with substantial financial resources have undertaken sudden transfers of hundreds of millions of Dogecoin (DOGE) as the primary memecoin rebounds from its lowest point this month.
Whale Alert, a platform dedicated to monitoring blockchain activities, initially detected substantial Dogecoin transactions totaling 776,351,068 DOGE, equating to a value of $48.47 million.
One of the most noteworthy Dogecoin transactions executed within the last 24 hours involved a crypto whale relocating 308,390,532 DOGE, which holds a value of $19.22 million, from the Binance exchange to an undisclosed wallet.
Notably, the investor who orchestrated this transfer incurred minimal fees, essentially paying next to nothing to move such a substantial stack of Dogecoin.
In a separate transaction, another crypto whale shifted 253,419,377 DOGE, valued at $16.05 million, from the retail trading platform Robinhood to an unidentified wallet. The cost of processing this transaction was approximately $0.28.
Subsequently, a significant Dogecoin holder moved 129,673,539 DOGE, amounting to $7.90 million, from Robinhood to a wallet of unspecified origin. This transfer incurred a fee of $0.57, as reported by Whale Alert.
Whale Alert also documented the transfer of 84,867,620 DOGE, worth $5.30 million, from an undisclosed wallet to Robinhood. The associated transaction fee was less than $0.10. Given that the DOGE was transferred to an exchange, there is a potential that it may be sold on the open market.
These substantial movements of Dogecoin coincide with efforts by the leading memecoin to recover from the market challenges experienced the previous week. On August 18th, Dogecoin reached its lowest monthly value of $0.059 due to a broader cryptocurrency market decline. As of the current time, DOGE has rebounded and is trading at a value of $0.064.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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