DOGE : Major Whale Transfers Boost Dogecoin Price by 12%

DOGE : Major Whale Transfers Boost Dogecoin Price by 12%

A prominent blockchain tracking service, Whale Alert, reported the sending of nearly half a billion Dogecoin to leading trading platforms Coinbase and Robinhood. These significant transfers occurred amid a notable price increase for Dogecoin this week. Before these transactions, the Robinhood investment platform withdrew three substantial amounts of DOGE.

Whale Alert documented five massive transactions, transferring almost 681 million DOGE. The two most recent transactions sent 89,999,572 and 300,000,000 DOGE to Coinbase and Robinhood, respectively. These transfers were valued at $65.5 million in fiat, likely indicating potential sales on these exchanges.

Related article: Dogecoin (DOGE) 7-Day Price Analysis: Dogecoin Outperforms in a Stagnant Market

Previous Withdrawals From Robinhood

Before these transfers, Whale Alert recorded three additional transactions involving 82,698,136, 70,081,079, and 138,326,037 DOGE. These transactions amounted to a cumulative equivalent of $48.7 million and saw the cryptocurrency withdrawn from Robinhood to anonymous blockchain wallets. 

This likely signifies purchases and subsequent transfers to cold storage wallets. Dogecoin continues to captivate the interest of crypto whales, ranking as one of the top ten digital assets with widespread adoption. Furthermore, tech billionaire Elon Musk’s support has bolstered its popularity. Many within the DOGE community hope Musk will integrate DOGE on X once internal payments are launched this year.

Related article: Dogecoin Price Analysis: Anticipating the Next Phase of This Bull Run

Dogecoin’s Price Spike

In recent days, Dogecoin experienced an impressive price surge, increasing by more than 12%. The price rose from $0.1520 on Monday to $0.1716 earlier today. However, this significant growth was followed by a decline of over 3%, bringing the price down to $0.1667.

Overall, the substantial transfers to Coinbase and Robinhood, coupled with the price spike, underscore Dogecoin’s volatility and enduring appeal among investors. As the market continues to watch for Elon Musk’s potential integration of DOGE into his platforms, the cryptocurrency’s future remains a topic of keen interest and speculation.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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