A dormant Dogecoin (DOGE) whale with a wallet balance of 893,303 DOGE (about $145,101) became active on May 22 after over 10 years of inactivity. The account made a transaction for the first time since May 2014. The sudden resurgence has sparked fears about the impact of such a transaction on Dogecoin’s price trend.
According to Whale Alert, the Dogecoin Whale transferred 23,338 DOGE, valued at about $4,000, to Binance, the world’s largest cryptocurrency exchange.
Dogecoin Whale Owns 869,964 DOGE Despite Huge Transfer
Despite the big transfer, the whale still holds over 869,964 DOGE, worth about $141,101.
The latest reawakening isn’t an isolated event. Earlier in the month, a Dogecoin Whale transferred $60 million in DOGE to Robinhood, which had just received a Wells Notice from the Securities and Exchange Commission (SEC).
On May 21, Whale Alert revealed another major transaction. The transaction involved shuffling a 600 million DOGE, approximately valued at $100 million, between two unknown wallet addresses. Specifically, the Dogecoin whale transferred 300 million DOGE to each wallet.
— Whale Alert (@whale_alert) May 21, 2024
These transactions have drawn considerable attention, but the motives and implications of these transfers are unclear.
The movement caused DOGE’s price to rise 13.08%, however.
DOGE recorded a price increase of 13.08%Coinglass data further indicates heightened investor interest in the asset. According to the derivatives data, DOGE’s open interest (OI) increased by 27.05% to $1.05 billion, accompanied by a volume upswing of 212.27% to $3.73 billion.
The latest activity, along with the previous Dogecoin whale transactions, is driving the conversation around Dogecoin price prediction. Investors and market analysts are closely monitoring these movements, speculating on the potential for further price surges and the overall influence of whale activities on the cryptocurrency’s future.
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