Whale Dumps $24 Mln Dogecoin Amid Elon Musk’s X Plans

In a flurry of recent activity in the meme coin space, significant amounts of Dogecoin (DOGE) have been on the move, raising questions about the intentions of the entities behind these transactions. Meanwhile, according to Whale Alert, a whopping 350 million DOGE were sent from an unknown wallet to the popular trading platform, Robinhood on October 28.

Meanwhile, it is not the first time Dogecoin has seen such increasing whale activities over the past few weeks. Notably, Whale Alert has reported several significant transfer news over the past few days, which has sparked speculations among the crypto market enthusiasts as well as the meme coins community. These high-value transactions indicate active trading and potentially strategic accumulation or distribution of DOGE.

Latest Dogecoin Moves

The cryptocurrency market is no stranger to swift and substantial movements, and DOGE, the popular meme coin, has once again found itself amid notable transfers. According to the latest report by Whale Alert, the whales have moved 350 million, worth around $23.7 million at that time, from an undisclosed wallet to Robinhood.

A similar transaction was also noted on October 25, with a massive 350 million DOGE, valued at around $23.4 million, moved from an unknown wallet to Robinhood. This raised eyebrows and speculation about the motivations behind such a significant transfer.

Meanwhile, Whale Alert also reported the transfer of 97 million DOGE, totaling $7.2 million, from Robinhood to an undisclosed wallet. These moves reflect the dynamic nature of the cryptocurrency market and could suggest a variety of strategies, including active trading or the reshuffling of assets by certain entities.

The DOGE community and the wider crypto space will undoubtedly keep a close watch on these significant transactions, as they could be indicative of larger market trends or the intentions of major players in the space. Notably, in the world of cryptocurrencies, where every move is scrutinized, such substantial transfers are bound to spark discussions and curiosity among traders and enthusiasts alike.

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Dogecoin Price After Elon Musk Reveals X Plans

The recent transfer news seems to have spooked some investors, as evidenced by the price swings in the meme coin’s price. The investors are likely staying on the sideline amid speculations over the whale moves, seeking more clarity on the crypto’s future performance.

In addition, according to a recent report, Musk envisions X as the primary platform for all financial matters, eliminating the need for traditional bank accounts and handling users’ financial requirements comprehensively. Although the report does not explicitly reference Dogecoin, the fact that Musk is a prominent supporter of DOGE tends to generate enthusiasm among DOGE holders when it comes to his participation in financial services.

Meanwhile, during writing, the Dogecoin price slipped by 2.41% to $0.06934, with its volume over the past 24 hours declining 45.71% to $426.02 million. Its market cap also dropped by 2.36% to $9.81 billion.

However, over the past seven days, the meme coin price soared over 15%, while in the last 30 days, its price surged more than 14%. According to several analysts, the recent surge in the crypto price could be due to the increasing interest of investors in the crypto market.

The crypto market has noted significant gains over the past few days, with increasing speculations over Bitcoin Spot ETF approval. In addition, the extraordinary performance of Bitcoin has also helped gains in other cryptos like Dogecoin in recent weeks.

Also Read: Binance Boosts Security With BNB Safe{Wallet} Launch

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