An anonymous whale’s unexpected sale of 86 million Dogecoin (DOGE) sent Dogecoin’s price tumbling downhill
In an unexpected turn of events, Whale Alert, a monitoring service, discovered a significant transaction employing the meme-inspired cryptocurrency Dogecoin (DOGE).
An anonymous whale quickly unloaded an astounding 86 million DOGE, worth around $14.12 million, to popular US-based broker Robinhood. This surprising action has caused waves in the DOGE market, notably in price.
The sender, identified only by the address “DF8j,” has a history of large-scale transactions; the most recent transactions are consistent with earlier ones. Despite the big sell-off, the whale’s wallet still contains four million DOGE, valued at around $645,242.
Dogecoin (DOGE) Price Condition
Simultaneously, the value of DOGE fell throughout today’s trading session. DOGE has lost 8.8% of its value since the start of trade, with the reduction topping 10% at times. This decline has resulted in significant liquidations, with holdings worth more than $2.26 million forced to close, primarily long positions.
DOGE is now trading at $0.161 and has a market capitalization of about $23 billion. Despite the downward trend, trade volume remains strong, at 28% over yesterday’s levels. With a trading turnover of more than $5.15 billion, Dogecoin is the seventh-largest cryptocurrency by volume.
While regular investors have been aggressively purchasing DOGE and entering long futures bets, these mysterious whales’ behavior has provided a striking contrast. It needs to be clarified if this massive sell-off is part of a more significant trend or the choice of a single prominent investment. Only time will tell the full significance of this unexpected and considerable swing in the Dogecoin market.