A Dogecoin (CRYPTO: DOGE) whale has moved over $927,413 worth of the meme coin from multiple addresses to a mysterious wallet.

What Happened: According to data from DogeChain, 13,501,212 DOGE was transferred with a mere transaction fee of 3.6 DOGE, which amounts to roughly $0.20.

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Why It Matters: DOGE's price saw a decline of 3% since the announcement of Musk’s plan to appoint a new CEO. At the time of writing, DOGE was trading at $0.070.

Pseudonymous crypto analyst, The Wise Guy, believes that Musk's announcement of new CEO could be “bad news” for DOGE. “This news could increase sell pressure on the coin, leading to a further drop in its value.”