Dogecoin whales have been actively shifting large amounts of the meme coin to new addresses amid the market’s downward trend.
The on-chain tracking platform Whale Alert drew the community’s attention to this massive Dogecoin shuffle among whales. On December 30, it pointed to two staggering transactions worth a combined $260 million.
Whales Shift DOGE to New Addresses
Data from Whale Alert shows that an unidentified whale address moved 466,890,148 DOGE tokens to a new address on Monday by 13:13 (UTC).
Notably, the sending wallet “DB24H3” transferred DOGE worth approximately $150 million to an unidentified receiving address, “DFRapC.”
The sending address emptied its Dogecoin stash into the new wallet, shifting the funds over multiple transactions to the same wallet. Meanwhile, the assets remain with the receiving wallet at the time of writing, neutralizing any skepticism the transaction may have raised in the Dogecoin community.
Another Whale Shifts 350,000,000 DOGE
While curiosity swelled among Dogecoin enthusiasts over the implication of the hefty fund shift, another whale wallet moved a similarly staggering amount. Whale Alert also uncovered the transaction where an unidentified wallet moved 350 million DOGE to a new wallet.
This second transaction occurred almost an hour after the first, specifically by 14:06 (UTC) on December 30. Within the transaction hash “0abd62,” address “DQhgaR” received 350,000,000 DOGE ($109.9 million) over 35 transactions from multiple sending addresses.
Meanwhile, the receiving address now holds 353.5 million DOGE ($110 million) after procuring 3.4 million DOGE ($1 million) from another wallet today.
Dogecoin Nears 30 Cents
Moreover, the significant shuffle correlated with a continued downtrend in Dogecoin’s price. The largest meme coin by market cap further corrected 2% in the past 24 hours, pushing closer to $0.3000.
However, bulls remain optimistic, insisting the recent dip is a buying opportunity. For context, analyst Ali Martinez recently noted that Dogecoin’s fractal properties could take the meme coin alpha to $23 this cycle.
At the time of writing, Dogecoin trades at $0.3103 with a market cap of $45.77 billion.
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