The price of Dogecoin could soon see a huge rally as a whale decided to send 59.9 million DOGE to Coinbase. At current prices, this amounts to $5 million worth of Dogecoin, which was sent to the exchange platform from an unknown wallet.
Whales sell Dogecoin
This transaction is part of a pattern within the Dogecoin ecosystem, which has seen many large transactions lately.
For example, on December 29 it was also hit, but the coins went the other way. At that time, 65.1 million Dogecoin tokens (worth approximately $5.89 million) were sent from Coinbase to an unknown wallet.
Another more than important transaction was that of 230 million DOGE sent to the Robinhood trading platform. These coins are worth approximately $21.61 million.
Even more exciting was a transaction of almost 1 billion DOGE from Binance to an unknown wallet. In dollar terms, this was a transaction of $91.2 million. These types of transactions generate a lot of speculation about the future price of memecoin.
Low volatility
Despite these massive Dogecoin transactions, the price remains somewhat stable. With this in mind, it seems that the market is expecting higher prices and people are reluctant to sell despite these huge Dogecoin moves.
At the time of writing, Elon Musk’s favorite coin has a price of $0.08969, giving it a market value of $12.768 billion.
The new year didn’t start well for memecoin. The advice has fallen by 0.87% in the past 24 hours.
For the real market spectacle, we will probably have to wait until spot Bitcoin ETFs are approved by the US Securities and Exchange Commission (SEC). This approval is expected to take place in the coming days.
Source: BTCDirect
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
