Dogecoin has been getting attention lately for its movements to and fro whale accounts. It is not surprising to see whale activity in a meme-coin as they are well-known for their high volatility rate. Nonetheless, it is one of the reasons why the communities are excited about any significant activity in these coins. The recent tweet from DogeCoinWhaleAlert informs about a large transaction that accounts for around 1 billion Dogecoins.
The transactions were facilitated by Robinhood Crypto, a platform that itself owns 30% of the Dogecoins. The past 24 hours saw several transactions of Dogecoin worth millions of dollars, according to the reports of DogeWhaleAlert. A total of 15 transactions varied around 1 billion Dogecoins to an unknown wallet. The value could have been more as the tracking platform records only the transactions that go above the 4 million limits. The total value of the Dogecoins moved comes around to $176,757,691.
The bulk of Dogecoins being transferred did not come as a shock as people have got used to such events. Previously, on the 3rd of January, Dogecoins reported whale activity that transferred nearly around 90 million Dogecoins to an unknown wallet. Prior to that, there were several whale activities following Tesla’s announcement to accept the meme-coin in December.
Investors in the cryptocurrency market follow several methods to find the right asset for investment. Whale tracking has been a popular trend as people believe there is always an encore to these flashy activities, often helping with a great return. As the whales likely get various technological assistance, the small-scale investors often draft the whale investments. However, the recent transactions did not have any positive impact on the market price of the dog coin.
Despite attractive plans like Robinhood’s plan about creating a Dogecoin wallet, the coin has lately been underperforming. Whale transactions often come as a boon in the case of meme-coins. Still, the recent transactions do not seem to have any effect on the market price of Dogecoin. The coin is currently anchored at $0.1906, far below the one-dollar mark. The Dogecoin future prediction is largely optimistic, with the coin expected to reach the one dollar mark in 2030, if not before.
