A Dogecoin whale transferred more than $396.8 million worth of the memecoin to another top wallet across a series of transactions on Monday.
The unknown whale sent a total of 5.44 billion DOGE across seven transactions that all occurred in less than 10 minutes on Monday afternoon, according to crypto data website BitInfoCharts.
The unknown receiving wallet rose from being the fifth-largest Dogecoin address in the world at the beginning of the week to the second-largest wallet at time of writing. It currently holds around 8.84 billion DOGE worth more than $643 million.
The sending wallet dropped down in the rankings from a top-10 address to the 19th-largest wallet after the seven transactions, though it has since risen back up to the fifth spot after receiving more than 5.46 billion Dogecoin across two separate transactions on Tuesday morning.
The sending whale currently holds around 6.27 billion DOGE worth more than $456 million, according to BitInfoCharts.
The richest Dogecoin address in the world is currently Robinhood’s wallet, which holds around 22.6 billion DOGE worth more than $1.6 billion. The retail trading giant’s holdings represent 16.23% of Dogecoin’s total supply.
DOGE is trading at nearly $0.0729 at time of writing. The ninth-ranked crypto asset by market cap is down 0.43% in the past 24 hours.
The massive transfer of Dogecoin by the top whale has sent shockwaves through the crypto community, with some analysts speculating that it could be a sign that the whale is preparing to sell their holdings. However, it is also possible that the whale is simply consolidating their position or moving their coins to a more secure wallet.
Only time will tell what the whale’s intentions are, but their actions have certainly had an impact on the price of Dogecoin. The memecoin has been on a downward trend since the start of the year, and the whale’s transfer could be a sign that the bears are in control.
However, it is also worth noting that Dogecoin has a strong community of supporters who are always eager to buy the dip. If the whale’s actions do lead to a sell-off, it is possible that the community will step in and buy up the coins, which could send the price of Dogecoin soaring.