Dogecoin (CRYPTO: DOGE) saw significant whale activity amid news that the token has started its travel to the literal moon.
What Happened: Whale Alert data shows an incoming transaction of 999,999,999 DOGE worth $78.85 million from Binance to an unknown wallet on Jan. 9. The same wallet's initial balance was 2.215 billion DOGE (worth $194.3 million), as reported by U.Today. Around 1.2 billion DOGE, worth $106.46 million were transferred out later, leaving the wallet with a balance of 981.45 million DOGE equivalent to $77.7 million before the incoming transfer from Binance.
In another transaction, 332.9 million DOGE (worth $26.6 million) was transferred from another unknown wallet to Binance.
Why It Matters: These transactions follow the news that Dogecoin and Bitcoin boarded a Vulcan rocket to travel to the moon. The lunar surface landing is scheduled for Feb. 23, 2024, prompting hopes for a price surge in DOGE around the landing date. Dogecoin co-creator Billy Markus, known on X under his pseudonym “Shibetoshi Nakamoto,” tweeted:
Sir Doge of the Coin stated, “Dogecoin is basically a faster, cheaper, and more fun Bitcoin with a higher supply + a fixed inflationary aspect that makes it more practical as a spendable currency… and it also has dogs, memes and a great community.”
Former Bitcoin maximalist, @itsALLrisky wondered if X launching peer-to-peer payments in 2024 will include Dogecoin.
Price Action: Over the past week, Dogecoin dropped 12.4%, extending its monthly loss to 19.4%. This contrasts with the 30% price rally by Bonk (CRYPTO: BONK) on Jan. 8.
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