The community of the world’s leading memecoin Dogecoin (CRYPTO: DOGE) may have a reason to be worried, now that whales (large crypto holders) started moving their coins around while the price of DOGE is slumping.
What Happened: As reported by Dogecoin large transaction tracking service DogeWhaleAlert, over the last few hours a combined amount in excess of 414 million DOGE has been transferred from the wallets of major holders of the coin. The number of Dogecoin being transferred is equivalent to over $53 million as of press time.
See Also: IS DOGECOIN A GOOD INVESTMENT?
The report follows a major BNB (CRYPTO: BNB) whale acquiring 9 million Dogecoin all by himself in a single transaction earlier this month — with that amount of tokens being equivalent to $1.41 million at the time. Also, DOGE recently reached another historic milestone with about 4.8 million on-chain addresses and 485,000 wallets holding it as Binance Smart Chain tokens.
DOGE Price Action: As of press time, Dogecoin is trading at $0.1306 after seeing its price fall by 3.63% over the last 24 hours.