HomeNewsMassive Million-Dollar DOGE Holder Moves Trillions of Coins - Could a Selloff...

Massive Million-Dollar DOGE Holder Moves Trillions of Coins – Could a Selloff Be on the Horizon, Bringing Price Correction? Stay Informed

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  • Four dormant Dogecoin whales have reemerged, moving a staggering 6.8 million DOGE after 9 years of inactivity.
  • These unexpected whale activities coincide with days Dogecoin experienced negative price performance.

Dogecoin’s Sleeping Giants Awake: What It Means For The Market

The crypto realm has witnessed a riveting phenomenon at the onset of 2023. Four so-called “ancient” Dogecoin whales, which lay dormant for nearly a decade, have suddenly sprung into action, shifting substantial amounts of the meme coin.

Finbold’s data extraction, complemented by insights from the Whale Alert account on Twitter and direct information from the Dogecoin Blockchain, offers a detailed chronicle of their activities:

  • February 5: A sum of 2,043,137 DOGE, valued at $186,364, was moved by a whale identified as “DGqsy…HRkx9,” who had been silent for 9.1 years.
  • April 4: “DBdFd…KsoA5,” quiet for 9.3 years, shifted 1,215,614 DOGE, approximating $116,460.
  • May 4: The whale “DRRnY…8ZueN”, also dormant for 9.3 years, transferred 1,556,994 DOGE, amounting to $123,155.
  • June 27: “DBw7A…Ymasm” chose to move after 9.5 years of inactivity, sending 2,002,447 DOGE, an equivalent of $131,178.
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It’s worth noting that two of these cryptic entities – those from April and June, still have reserves of 74,257 DOGE ($5,500) and 1 million DOGE ($74,120), respectively. Meanwhile, their counterparts from February and May emptied their caches entirely.

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Unraveling the Whales’ Influence

Interestingly, each of these sizeable Dogecoin transfers coincided with days when DOGE’s price ended lower than its starting value. This pattern might hint at a correlation between the whales’ actions and the meme coin’s price turbulence.

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At the time of reporting, Dogecoin is being traded at $0.07407. Despite its minor dip of 0.88% over the past day, the coin has enjoyed a 3% boost over the previous month, maintaining its position as the 7th most significant cryptocurrency with a market capitalization of $10.37 billion.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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