Deep-pocketed crypto investors are abruptly moving hundreds of millions of Dogecoin (DOGE) as the top memecoin bounces from its monthly low.
Blockchain-monitoring platform Whale Alert initially spotted the large Dogecoin transactions to the tune of 776,351,068 DOGE worth $48.47 million.
The largest Dogecoin transaction in the past day involves a crypto whale moving 308,390,532 DOGE worth $19.22 million from Binance into a wallet of unknown origin.
? 308,390,532 #DOGE (19,220,280 USD) transferred from #Binance to unknown wallethttps://t.co/5lPBZoWZRV
— Whale Alert (@whale_alert) August 18, 2023
Whale Alert shows that the DOGE investor paid virtually nothing to relocate the huge Dogecoin stack.
In another transaction, a whale shifted 253,419,377 DOGE worth $16.05 million from the retail trading platform Robinhood to an unknown wallet. The entity paid about $0.28 to process the transaction.
Next up, a large Dogecoin holder relocated 129,673,539 DOGE worth $7.90 million from Robinhood to a wallet of unknown origin. Whale Alert reveals that the crypto whale shelled out $0.57 to make the transfer.
Whale Alert also witnessed the movement of 84,867,620 DOGE worth $5.30 million from an unknown wallet to Robinhood. The whale paid less than $0.10 to relocate the Dogecoin trove. Since the DOGE was transferred to an exchange, it could potentially be sold on the open market.
The large Dogecoin movements come as the leading memecoin tries to recover from last week’s market woes. On August 18th, Dogecoin printed a monthly low of $0.059 amid the crypto sell-off. DOGE has bounced since and is trading for $0.064 at time of writing.
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