A whale — cryptospeak for large holder — owning leading meme coin Dogecoin DOGE/USD recently decided to move an astonishing quantity of DOGE as the market is shaken by significant geopolitical and economic forces.
What Happened: Blockchain data service Clankapp shows that a single transaction on Wednesday moved nearly 263 million Dogecoin — valued at about $29.6 million as of press time.
Furthermore, this transaction follows recent reports showing that Dogecoin Whales performed 118 transactions worth at least $2 million being processed by the blockchain within 24 hours on Tuesday. There was also a single transaction of nearly 34 million Dogecoin — valued at about $3.9 million at the time.
See Also: How To Buy Dogecoin (DOGE)
Today's market data shows that — just like on Tuesday — the Dogecoin blockchain processed exactly 118 transactions worth over $2 million within 24 hours of press time. This pickup of activity follows Tesla Inc.TSLA CEO Elon Musk tweeting that he had no plans to sell his stake in Dogecoin — which resulted in the coin's price jumping up by 10% shortly thereafter.
CoinMarketCap data shows that shortly after his tweet, trading volume spiked from about $382 million per 24 hours to well over $850 million.
DOGE Price Action: As of press time, Dogecoin is trading at $0.1139 after seeing its price increase by nearly 1.29% over the last 24 hours.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.