dogecoin Whale Shifted 900 Million DOGE, Will Its Price Increase to $1?
Dogecoin, one of the most popular meme coins running on top of the Ethereum blockchain, sparked a sense of frenzy in the global crypto world on Tuesday as it recorded a massive whale transaction. This transaction sparked a tidal wave of speculation among crypto market enthusiasts around the world as it emerged amid the meme coin’s price surge.
According to on-chain data revealed by Whale Alert, the token appears to have noted a staggering whale transfer of 990 million DOGE and is attracting huge interest worldwide.
Meanwhile, market sentiment towards the token seems to be turning exciting following the price increase and whale activity.
DOGE Whale Transaction: A Closer Look
According to data released by blockchain tracking platform Whale Alert, 990 million DOGE worth $79.75 million in motion attracted the attention of crypto market traders and investors today, January 16. Also regarding the data, it was noted that the unknown wallet D78RSZmmfS… MChVeDyWx8 shifted the previously specified amount to another unknown address (D79tQ1VkKn…m8XtUA8VEP).
In particular, the transfer of DOGE between unknown wallets seems to have led to great optimism among crypto market fanatics globally, indicating an increase in the token’s on-chain activity. This has created a sense that prices are rising in the broader market, primarily because the increase in on-chain activity aligns with increased confidence among market traders and investors. Moreover, the fact that the transfer was made between unknown wallets highlights the increased trading activity for the meme coin.
However, the token’s price chart showed marginal gains, contradicting the market’s improving optimistic sentiments following the whale activity.
Also Read: TrueUSD Stablecoin Values Drop as Whales Dump TUSD Amid Regulatory Issues
DOGE Price Arcs
As of press time, Dogecoin price has recorded a marginal increase of 0.43% in the last 24 hours and is currently trading at $0.8187. Additionally, the weekly chart of memecoin showed an increase of 3.57%. However, its monthly chart showed a decline of 13.14%, providing additional implications for the token.
With whales showing increased trading activity for the token, crypto market fanatics appear to be eyeing the $1 barrier soon. As DOGE’s price continues to rise gradually, market watchers are keeping an intense eye on the token.
Also Read: Morgan Stanley Expects Stablecoins to Support USD Amid De-Dollarization Risks
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