Dogecoin whale empties wallet after holding for over eight years.
In a tweet today, Whale alert confirmed that a Dogecoin address that has been dormant for over eight years had moved 2.37million DOGE worth over $338k.
— Whale Alert (@whale_alert) November 2, 2022
Notably, another on-chain tracker, Lookonchain, confirmed this transaction about an hour later, disclosing that the whale’s holding cost was less than $0.001.
An address that has been dormant for 8.6 years transferred 2.37M $DOGE ($337,594) out just now.
— Lookonchain (@lookonchain) November 2, 2022
BitInfoCharts data reveals that the whale had accumulated DOGE from December 2013, when the coin launched, through March 2014. The wallet tracker estimates that the whale’s profit from the price change is about $326,401.43. The whale emptied his wallet in two transactions of 356,285 DOGE and 2,018,529.44 DOGE, respectively.
It is unclear now if the 2.37 million DOGE made its way to exchanges, but some users have opined that it is not large enough to cause a significant price reaction. The latest whale move comes as the doggy meme coin enjoys an exciting couple of days that have seen it break significant bear market structures and more than double in price, riding on the wave of Elon Musk’s Twitter acquisition and online antics.
Consequently, it is not surprising to see both big bag holders and long-term holders decide to take a profit from their holdings.
Data from Lookonchain shows that the top 50 holders of Dogecoin hold 63.71% of the supply. Furthermore, Lookonchain reveals that these top 50 holders have reduced their holdings by 21 million in the past month and 761 million DOGE in the past week. However, they have also increased their holdings by 484 million DOGE since October 31.
We did an analysis of the top 50 holders of $DOGE.
— Lookonchain (@lookonchain) November 1, 2022
A further breakdown reveals that 12 holders added to their bags in the past week compared to 7 who reduced their holding. As such, it shows mixed sentiments among the whales.
Lookonchain estimates that a total of 1.2 billion DOGE has made it to Binance and 45.5 million to Crypto.com in the last seven days. As reported by The Crypto Basic yesterday, experienced analysts are looking to short the meme coin back to the lows of $0.11.
DOGE is currently trading at the $0.14 price point.