- Whales moved over 776M Dogecoin in a series of transactions to different wallets. Many of them were unknown wallets
- Generally, this represents whales piling up more meme coins than selling off
776M Dogecoin moved to different wallets in a series of transactions. Apparently, when a whale moves an investment to an unknown wallet, it usually means they are hodling. However, moving them to DEXs or CEXs represents selling off. But in this 776M Dogecoin transactions, it was more of the former than the latter.
776M Dogecoin Moved
- The shambles in the crypto market are causing many whales and shrimps to make a lot of market activity. The same thing is happening to Dogecoin as a lot of its investors are moving large portions of DOGE tokens. Apparently, the king of meme coins touched its monthly low on the 18th of August after the market crash.
- The blockchain-tracking platform Whale Alert was the first to detect these massive Dogecoin transactions, amounting to a staggering 776,351,068 DOGE valued at $48.47 million. Approximately 776M Dogecoin. Note that these transactions didn’t happen in one instance. Apparently, it extended over several transactions.
308 Million Dogecoin Moved to Unknown Wallet
- The 308 million Dogecoin transaction is part of the 776M Dogecoin moved to a series of wallets. Apparently, a crypto whale moved an astounding 308,390,532 DOGE, equivalent to $19.22 million, from Binance to an undisclosed wallet.
- In this case, the whale is not looking to sell the tokens. In other words, assuming a whale transfers from an unknown wallet to centralized exchanges, it means to sell. But in this case, moving tokens from CEXs or DEXs to anonymous wallets usually represents the intention to hodl.
253 Million Dogecoin Moved to Unknown Wallet
- Another transaction which is part of the 776M Dogecoin, moved to unknown wallets. This transaction involved the transfer of 253,419,377 DOGE valued at $16.05 million from the retail trading platform Robinhood to an anonymous wallet.
- Nevertheless, despite making a transaction as big as this, this whale received only a fee of around $0.28. On the other hand, this transaction is likely to be a whale adding meme Dogecoin tokens to their portfolio. In the same way, another whale made a transaction with a similarly low amount of gas fees.
Over 129 Million DOGE Tokens Part Of The 776M Dogecoin Moved
- A whale moved about 129,673,539 DOGE worth $7.90 million from Robinhood to an unknown wallet. But there was a conflicting transaction.
- Apparently, another whale who is trying to sell moved 84,867,620 DOGE valued at $5.30 million from an unidentified wallet to Robinhood. Since whales don’t keep their holdings in DEXs or CEXs, it is most likely that the whale is selling.
Conclusion
Dogecoin was one of the cryptocurrencies experiencing massive losses due to the market decline. But it seems more whales are stacking up more DOGE tokens than selling. In a series of tracked transactions, over 776M Dogecoin entered into different wallets. However, many of them were unknown wallets. Only one of them was a crypto exchange.
