Whales — cryptospeak for large holders — who are holding top meme coin Dogecoin DOGE/USD showed high activity levels with many notable transactions processed by the blockchain.
What Happened: Blockchain data service Clankapp shows that a single transaction on Monday moved over 261 million Dogecoin, valued at over $31.1 million as of press time.
Blockchain data analysis shows this is the same Dogecoin which Benzinga previously reported on multiple times — the same coins keep getting transferred, sometimes also sending a significantly lower amount to a secondary address along the way.
See Also: How To Buy Dogecoin (DOGE)
Earlier this month, Dogecoin's trading volume skyrocketed from about $382 million per 24 hours to well over $850 million within hours, this also coincided with a pickup in on-chain activity and the price jumping about 10% higher. Such clear excitement over the memecoin was seemingly caused by Tesla Inc. TSLA CEO Elon Musk tweeting that he had no plans to sell his stake in Dogecoin.
DOGE Price Action: As of press time, Dogecoin is trading at $0.1196 after seeing its price increase by about 0.13% over the last 24 hours.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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