50M DOGE Transferred At Once As Dogecoin Whales Settle Down After A Frantic Month

Nearly 50 million Dogecoins DOGE/USD were moved from an unknown address to an unknown wallet in a single transaction earlier on Monday. 

What Happened: The transaction processed on Monday moved 49,840,182 DOGE from an unknown address to an unknown wallet for a total transfer value of nearly $5.5 million as of press time, according to transaction tracking service Clank.

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This transaction was preceded by a 58 million Dogecoin transaction on Saturday, in which coins from multiple addresses were moved to an unknown wallet.

The Dogecoin blockchain is finally settling down after showing a higher than usual level of activity for an extended period due to a couple of key factors.

The first rush of activity occurred on the day Elon Musk's Twitter acquisition was announced, the network processed about 400 transactions worth at least $2 million within 24 hours as market participants began wondering whether it would lead to DOGE's integration into the social media platform.

There was also a heightened level of activity spurred by the collapse of smart contract cryptocurrency Terra LUNA/USD and its integrated stablecoin TerraUSD UST/USD.

It now appears that large transactions among Dogecoin whales — cryptospeak for big holders — are slowly settling down.