38M Dogecoin (DOGE) Transferred On-Chain For $0.14 In Fees

On-chain data shows that $2.6 million worth of Dogecoin DOGE/USD was transferred for a fee of just $0.14.

What Happened: According to an update from Dogecoin Whale Alert, 38 million DOGE was sent across the blockchain for 2 DOGE.

38,000,000 $DOGE ($2,645,066 USD) was transferred from multiple wallets to an unknown wallet.

Fee: 2.00 ($0.14 USD)

Tx: https://t.co/cY9OMaMxAv#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews

— Ðogecoin Whale Alert (@DogeWhaleAlert) July 5, 2022

Transaction data from the DOGE blockchain explorer shows that an anonymous Dogecoin wallet was the recipient of a series of transfers from multiple different wallets.

See Also: IS NOW A GOOD TIME TO BUY DOGECOIN (DOGE)?

Last week, blockchain analytics firm Santiment revealed that Dogecoin and rival meme coin Shiba Inu SHIB/USD had seen an uptick in network activity.

The number of unique DOGE addresses had surged 32% over 10 days as of last Friday.

In June, developers of the meme-based cryptocurrency’s blockchain laid out plans to further reduce DOGE’s transaction fees with an update. Fee reduction updates have previously been endorsed by Dogecoin bull and Tesla Inc TSLA CEO Elon Musk.

Price Action: As per data from Benzinga Pro, DOGE was trading at $0.069 at press time, up 4.41% over the last 24 hours.

Photo via Vitalii Stock on Shutterstock