Dogecoin Processes 58M DOGE Transaction: Whales Finally Settled Down?

Nearly 58 million Dogecoins DOGE/USD were moved from multiple addresses to an unknown wallet in a single transaction earlier this week. 

Dogecoin whales — cryptospeak for big holders — are finally settling down after showing heightened levels of activity ever since market enthusiasm was spurred by Tesla Inc TSLA CEO Elon Musk's acquisition of social media giant Twitter Inc. TWTR which caused many to wonder whether he will somehow integrate the coin into the platform.

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What Happened: The transaction processed on Monday moved 57,802,168 DOGE from multiple addresses to an unknown wallet for a total transfer value of nearly $7.2 million as of press time, according to transaction tracking service Clank.

This transaction was preceded by a 150 million Dogecoin transaction on Saturday, in which coins from multiple addresses were moved to an unknown wallet.

The Dogecoin blockchain is finally settling down after showing a higher than usual level of activity for an extended period. On the day on which Musk's Twitter acquisition was announced, the network processed about 400 transactions worth at least $2 million within 24 hours.