Dogecoins Leave Smaller Wallets
2022.05.04 16:12
Dogecoins Leave Smaller Wallets
Dogecoin, which has lost more than 22% of its value in the last 9 days, became the center of discussion between Elon Musk and Mark Cuban, and sparked another round of significant holder movement.
Nearly 40,000 Dogecoin wallets have relinquished the prominent meme coin during the past ten days. These numbers were reflective of the much larger decline in DOGE holders witnessed earlier this year. In March approximately 700K wallets removed Dogecoin holdings from their accounts.
Data from whale move tracker Dogecoin Whale Alert, suggests that some bigger whales may simply be accumulating DOGE coins.
Nearly $22 million worth of Dogecoin was transferred from an array of smaller wallets to several larger ones over the course of the past 12 hours alone, according to Dogecoin Whale Tracker.
The majority of these transactions were recorded at between $500K and $950K in value. A little before this, the tracker registered the single largest transaction of 100 million DOGE, which surpassed $12,9 million in value.
It was seen on fellow blockchain data tracker Clank that almost $4 billion worth of Dogecoin has been transferred to anonymous wallets in the past 24 hours alone.
The price of the prominent meme coin, however, remained quite unaffected. Though it briefly dropped by 3% late on Tuesday, touching its lowest point at $0.1274, DOGE has since regained its value to trade above $0.1311 at the time of writing.
Dogecoin has long been considered a highly speculative asset. The coin climbed to its all-time high price of $0.7315 last May, and the rally was largely driven by Elon Musk’s endorsement of the asset, as he hinted that his electric car company, Tesla (NASDAQ:TSLA), may begin accepting payment in DOGE.
The meme coin has since lost its momentum and currently sits 82% below its ATH.
Why You Should Care
Dogecoin is one of the coins that Elon Musk regularly endorses and enjoys commenting on. Since Musk’s work to fully secure the purchase of Twitter (NYSE:TWTR), he has regularly hinted at potential plans to involve Dogecoin in the platform’s ecosystem. Should such moves materialise, they could boost Dogecoin adoption, and affect its price accordingly.
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