Whale Shockingly Dumps 86 Million DOGE, Catapulting Dogecoin Price into Chaos
In a truly astonishing turn of events, Whale Alert, a renowned tracking service, has stumbled upon a significant transaction involving the beloved meme-inspired digital currency, Dogecoin (DOGE). An unidentified whale has unexpectedly offloaded a staggering 86 million DOGE, which amounts to a hefty $14.12 million, to the well-known U.S.-based broker, Robinhood. This completely unforeseen maneuver has sent shockwaves through the DOGE market, causing a significant impact on the coin’s price.
The sender, who goes by the address “DF8j,” is no stranger to substantial transfers, making this recent transaction somewhat consistent with their previous actions. Despite this massive sell-off, the whale’s wallet still holds an impressive four million DOGE, equivalent to approximately $645,242.
The decline in Dogecoin’s value has coincided with this sudden turn of events. Throughout today’s trading session, the price of DOGE has experienced a drastic plummet of 8.8%, even surpassing a 10% drop at one point. As a result, numerous positions, mostly long positions, totaling over $2.26 million have been forcefully liquidated.
Currently, Dogecoin is being traded at $0.161, with a total market capitalization of roughly $23 billion. Despite the downward spiral, trading volume remains exceptionally high, exceeding yesterday’s levels by 28%. With a trading turnover exceeding a staggering $5.15 billion, Dogecoin maintains its position as the seventh-largest cryptocurrency by trading volume.
Interestingly, while retail investors have been actively purchasing DOGE and entering into long futures positions, the actions of these unidentified whales have presented a stark contrast. Whether this significant sell-off hints at a larger trend or is solely the decision of a single major investor remains unclear. Only time will tell the true implications of this sudden and substantial movement in the Dogecoin market.