Dogecoin, a renowned meme coin circulating within the cryptocurrency domain, mirrored a sense of frenzy across the wider crypto market on Wednesday as the token witnessed a notable whale transaction recently. Blockchain metrics highlighted by the tracker Whale Alert indicate a staggering 100 million DOGE on the move, which caught the attention of crypto market traders and investors globally.
Meanwhile, the meme coin’s price traded in the green as of press time, igniting speculations for its run shortly ahead as the whale’s enormous selloff may potentially impact the DOGE price. On the contrary, the token’s wallet adoption surged significantly in recent days, birthing additional inferences for DOGE’s price action shortly ahead.
Dogecoin Whale Transaction: Comprehensive Report
As per the data disclosed by Whale Alert, 100 million DOGE, valued at $7.83 million, was transferred from an unidentified wallet to Robinhood, a renowned American financial services provider company, today February 7. This substantial DOGE selloff, emerging amidst the meme coin’s price surge, sparked immense curiosity among crypto market enthusiasts globally, contrasting usual market sentiments of a price dip with a supply upswing. However, intriguingly, the Dogecoin price illustrated a jump as of the writing time, contrasting with the whale’s massive selloff and decline in open interest.
Today’s Price
At the time of writing, the Dogecoin price noted a slight bump of 0.40% over the past 24 hours and is presently resting at $0.07846. However, the weekly and monthly charts exhibit a 1.53% and 3.10% drop respectively. The VR Soldier analysts noticed that the DOGE price movement today seems to arise as a consequence of the recent surge in wallet adoption. However, following the whale’s offloading narrative, the meme coin’s price chart seems to be gradually gaining a downward momentum. Crypto market enthusiasts globally seem to be extensively monitoring the token, anticipating a price action shift soon.
About Dogecoin
Dogecoin is a meme currency that appeared in 2013. Her Jackson Palmer made a digital currency as a joke, taking as a logo a then popular meme – the surprised face of a Shiba Inu dog. Then, no one could have imagined how far this would go. There are now almost 130,000,000,000 DOGE in circulation, and the coin ranks fifth in market capitalization (due to the increased exchange rate, it rose very sharply to the top). Many analysts expect new records from Dogecoin in the near future since interest in this cryptocurrency continues unabated, and this concerns not only young people but also influential investors and popular personalities.
