Whopping Half Billion Dogecoin Vanish into Mystery Wallets as DOGE Price Crashes

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Whopping Half Billion Dogecoin Vanish into Mystery Wallets as DOGE Price Crashes

WhaleAlert, a renowned blockchain tracking service, revealed the staggering movement of nearly half a billion Dogecoins within a mere six-hour span. This extraordinary move unfolded against the backdrop of a significant downturn in the DOGE market, which had seen a 17.5% drop just a day ago, pushing the cryptocurrency to its lowest point in over two months.

Whopping Half Billion Dogecoin Vanish into Mystery Wallets as DOGE Price Crashes

The drama commenced with an eye-popping transfer of 129.67 million DOGE, equivalent to a substantial $7.9 million, from Robinhood to the wallet of an unidentified Dogecoin whale. Not long after, an even more jaw-dropping transaction surfaced — a colossal withdrawal of 308.39 million DOGE, valued at $19.22 million, was swiftly executed from Binance to another undisclosed address.

🚨 308,390,532 #DOGE (19,220,280 USD) transferred from #Binance to unknown wallethttps://t.co/5lPBZoWZRV

— Whale Alert (@whale_alert) August 18, 2023

Interestingly, the first transfer coincided with a slight technical rebound in Dogecoin’s price, wherein a resilient 9.71% of the earlier plummet was reclaimed. The subsequent chain of events saw DOGE rallying further, notching an additional 2.23% surge in its market value.

The second transfer unfolded against the backdrop of a DOGE price surge, achieving a local intraday zenith. While the timing of the purchase may not align precisely with the transaction itself, the subsequent trajectory proved less favorable, with the DOGE price dropping 0.69%.

For now, it is a bloodbath on the streets of the crypto world, and figuring out what comes next is harder than ever. Nevertheless, such activity of big players may not be a benchmark but something to keep in mind when making investment decisions in a period of uncertainty.

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