Unexpectedly, tracking service Whale Alert has discovered a big transaction employing meme-inspired cryptocurrency Dogecoin (DOGE). A whale that has not been named quickly sold an incredible 86 million DOGE, or around $14.12 million, to well-known American broker Robinhood. This unanticipated action has caused tremors in the DOGE market, especially affecting the coin’s price.
The sender, who is solely known by the address “DF8j,” has a track record of making sizable payments, thus this most recent transaction is pretty consistent with earlier ones. The whale still has four million DOGE in his wallet, which is worth about $645,242, despite the significant sell-off.
Dogecoin (DOGE) price outlook
In parallel, Dogecoin’s value has drastically decreased throughout today’s trading session. Since the start of trade, DOGE has dropped significantly—by 8.8%, at one time falling by more than 10%. Significant liquidations have resulted from this downturn, with long holdings accounting for the majority of the forced closures, totaling over $2.26 million.
Dogecoin is now valued as $0.161, with a roughly $23 billion market capitalization. The trade volume is still quite strong, 28% over yesterday’s levels, despite the downward trend. Dogecoin continues to rank as the seventh-largest cryptocurrency by trading volume, with a turnover of nearly $5.15 billion.
The actions of these unnamed whales have offered a sharp contrast to the active purchase of DOGE and long futures bets made by regular investors. It’s still unclear if this large sell-off represents a larger trend or is just the result of one big investor’s choice. The full ramifications of this abrupt and significant shift in the Dogecoin market will only become clear with time.
