Dogecoin Price News: A mysterious Dogecoin whale has emerged from the ashes and shocked the cryptocurrency market. According to a tweet posted by Lookonchain, a Dogecoin wallet that has not been active for two years has transferred 326.5 million dogecoins to a new address. This can be the result of Twitter CEO Elon Musk wanting the social media platform’s payment system to accommodate cryptocurrencies such as Dogecoin.
Dogecoin Whale Wakes Up
On Feb. 17, Lookonchain’s Twitter account announced the reawakening of a dormant Dogecoin whale. This address recently transferred 326,383,472.76 million DOGE tokens (worth approximately $28 million) to a new address after not being active for two years until today.
Many Twitter users are making fun of whoever owns the wallet by calling the person “Lazy.” Some suggested that the person finally realized he/she is a millionaire and decided to unlock the fortune. Others said the massive Dogecoin price dump is coming.
DOGE Pump Incoming?
This large transfer could lead to a downward price movement for the meme cryptocurrency. On the other hand, if the person immediately sells them on the market, this could boost the supply and push the price down. But there is one more scenario, where the recipient can hold onto the coins for a little longer before selling them, this will leave minimal impact on the Dogecoin price.
At press time, Dogecoin is trading at $0.08656, with a 2.53% price decrease in the last 24 hours. With a market capitalization of $11,484,035,384 and a 24-hour trading volume up by 4.86%. Now it stands at $727,209,980. At the same time, the circulating supply is approximately 132,670,764,300 DOGE as per the crypto market tracker CoinMarketCap.
Also Read: Dogecoin News: Whales Scoops Billions In DOGE After Elon Musk Tweet, Is $0.1 Next?