In a recent report, WhaleAlert revealed that a substantial amount of Dogecoin, almost totaling 500 million has been moved from Robinhood and Binance exchanges. The blockchain tracker and analytics system posted this update on its official X account (formerly Twitter).
The global cryptocurrency market has been experiencing a general price slump over the last 24 hours. As a result, the total crypto market cap has lost over $100 billion amid the crash.
The time between both DOGE transfers is approximately 4 hours. Interestingly, the movement occurred while Dogecoin is experiencing a crash in its value. The memecoin has seen a 7% decrease in price over the last 24 hours. Consequently, Dogecoin is now selling at its lowest since June.
Whales transfer almost 500 million Dogecoin
The first transfer carried 129,673,539 (129.6 million) DOGE equivalent to $7,908,094 ($7.9 million) from Robinhood to an unknown wallet. Shortly after, the second transfer was initiated, carrying 308,390,532 (308.3 million) DOGE equivalent to $19,220,280 ($19.2 million) from Binance exchange an unknown wallet.
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It’s interesting to note that the initial transfer took place at the same time as a tiny technical recovery in Dogecoin’s price, during which a hardy 9.71% of the earlier decline was recouped. Following that series of events, DOGE continued to advance, seeing an additional 2.23% increase in its market value.
🚨 129,673,539 #DOGE (7,908,094 USD) transferred from #Robinhood to unknown wallethttps://t.co/JZ5Y4jp600
— Whale Alert (@whale_alert) August 18, 2023
Related Reading: Global Crypto Market Loses Over $100B Amid Market Crash
The second transfer took place as the price of DOGE surged, reaching a local intraday peak. Even though the moment of the purchase may not have exactly coincided with the actual transaction, the DOGE price’s following trajectory was less beneficial, falling 0.69%.
Presently, the entire crypto market is filled with red as the crypto fear and greed index rests at 37 indicating an all round fear in the crypto market. This also represents an undervaluation of cryptocurrency assets.
Sometimes, these kinds of activities may not define the market, however, it is best to keep them in mind when making investment decisions in periods such as this.
Dogecoin (DOGE) price today
Dogecoin price CoinMarketCap
According to live data from CoinMarketCap, Dogecoin is currently trading at $0.062 representing a 6.92% in the last 24 hours. DOGE is ranked #9 on the global crypto market chart with a live market cap of $8,808,886,554 ($8.8 billion). Ultimately, over the last 7 days, Dogecoin has recorded a 17.38% drop in its value.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.