Dogecoin Whales Move 263M DOGE In One Go As Big Holders Won't Stop Moving

A whale — cryptospeak for large holder — owning leading meme coin Dogecoin DOGE/USD recently decided to move an astonishing quantity of it in a transaction closely resembling at least another one that took place earlier this week.

What Happened: Blockchain data service Clankapp shows that a single transaction on Wednesday moved nearly 263 million Dogecoin, valued at about $30.75 million as of press time.

Notably, just yesterday Benzinga reported a nearly identical transaction taking place under 24 hours before this one. On closer inspection, a Dogecoin blockchain explorer shows that this is the same quantity of DOGE — minus the fees — moving from one unknown address to another for reasons that are not publicly known. 

The recent pickup in on-chain Dogecoin activity — as seen on Tuesday's blockchain data showing 118 transactions worth at least $2 million being processed within 24 hours — was presumably caused by Tesla Inc TSLA CEO Elon Musk recently tweeting he had no plans to sell his stake in Dogecoin. CoinMarketCap data shows that shortly after his tweet, trading volume spiked from about $382 million per 24 hours to well over $850 million.

DOGE Price Action: As of press time Thursday afternoon, Dogecoin is trading at $0.1167 after seeing its price increase by nearly 1.23% over the last 24 hours.