Dogecoin Whales Go Restless As 56M DOGE Move In One Transaction

Dogecoin DOGE/USD whales — cryptospeak for large holders — are restless today, with one transaction moving about 55.5 million DOGE, equivalent to nearly $8.3 million as of press time.

What Happened: Clankapp, which tracks large cryptocurrency transactions, shows that nearly 55.5 million Dogecoin were moved in the largest transaction within 24 hours to press time. Blockchain data provided by competing service Dogecoin Whales also reveals that within the last 24 hours, the Dogecoin blockchain processed 93 transactions, each worth over $2 million.

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The transactions follow an unidentified whale moving nearly 263 million DOGE as part of mysterious on-chain activity in mid-March. As previously reported, the same Dogecoin continued to be moved from address to address leaving a small variable portion behind in the various wallets as it passed through them.

On Sunday, Dogecoin shot up about 10% at one point, boosted by Tesla Inc. TSLA CEO Elon Musk proposing on Twitter that users be able to use the cryptocurrency to pay for the social media app’s Twitter Blue subscription service.

DOGE Price Action: As of press time, Dogecoin is trading at $0.1389 after seeing its price fall by about 2.9% over the last 24 hours, data from Benzinga Pro shows.