While many are still celebrating the new year and planning how to start, Dogecoin whales already have a field day in the market.
Data from the @DogeWhaleAlert Twitter account shows that several whales have transferred up to 90.3 million Dogecoin, which is over $15.5 million to an anonymous wallet in the past 24 hours.
Dogecoin Whale Transfers Over 90 million Units of the Coin
The whole amount was transferred in 14 transactions, with the largest transferring more than 15 million Dogecoin at once. Other transfers ranged from 1 to 8 million units of DOGE.
Despite the large volume of transactions, the fee deducted for the overall transfer was less than 500 Dogecoin, with only 103.37 DOGE ($17.9) charged for the largest transactions.
This isn’t the first time there’ll be a significant whale move of the meme coin; in fact, whale activity has been increasing over the past few months.
Following the news that Tesla may accept Doge for its merchandise, whale activity for the token increased by 148%, which suggests that lots of wallets with a high amount of Doge were trading the asset.
There are several whale wallets holding massive amounts of Dogecoin, with one wallet holding 28% of the total volume at a point in time.
Dogecoin’s Value Declines Slightly in the Last 24 Hours
The whale move hasn’t had any significant effect on the token price, which remains at $0.17. Any effect of the whale movement is a slight 0.61% decrease in price.
With its price down, the token has also seen significantly low trading volume with a 24h trading volume of around $500 million as of December 2, according to Footprint Analytics.
This is far from the trading volume of $6 billion as of December 14. However, Doge remains the number one meme coin, ranking 12th with a market cap of around $22 billion and 1% market dominance.
Per available data, we could see the asset perform a similar bull run to the one witnessed in early 2021 if it were to witness a breakout above a double-top which would take the coin into a bull market meaning it has risen above the current bearish nature of the market.