Dogecoin Price Surge Ahead? Whales Caught Moving 1.2 Billion DOGE

Dogecoin News: Dogecoin (DOGE), Elon Musk’s favorite meme coin, hasn’t registered much movement over the past 7 days, signaling bearish sentiments from DOGE observers. But it looks like major crypto whales are not affected by the recent price fall since WhaleAlert reported the market moves in a series of tweets.

Whales Move 1.2 Bln Dogecoin

As per the data provided by WhaleAlert, a major tracker of large crypto transactions, 1.2 Billion DOGE worth $99,241,593 were moved between “unknown” wallets in recent hours. Three consecutive transfers moved 400 million Dogecoin each after the cryptocurrency posted significant losses over the past 24 hours.

Source – CoinMarketCap

At the time of writing, DOGE has lost over 0.87% in value over the past 24 hours and is trading around $0.08136, according to the CoinGape price tracker. The meme coin has erased all the gains from the recent price rally, falling 13.11% in the last seven days. Also, its 24-hour trading volume is down by 47.66% to stand at $392 million.

What is next for the meme coin?

Dogecoin’s latest drop has made traders once again question whether the canine token ever managed to truly break out of its bear market. Even though the cryptocurrency is still up an impressive more than 60% from its 2021 lows, constant fluctuations are making it hard for them to stay positive.

On the other hand, Dogecoin’s competitors like Shiba Inu, Baby Doge Coin, BONE, and other respective meme coins are witnessing an upward trend. In the past 24 hours or 60 days, DOGE killers have successfully managed to outperform the leading meme cryptocurrency in the market.

Also Read: Breaking: India’s Finance Minister Answers Crypto Regulation, Adani Queries

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