Massive Dogecoin transactions have been made by whales over the previous week, whereas the DOGE price has seen a sharp decrease.
Principal tracker of significant crypto transactions Whale Alert has detected three consecutive transactions of 400 million Dogecoin. In all, 1,200,000,000 Dogecoin were moved between wallets identified as “unknown” by the same tracker.
This comes to around $100 million at the time these transactions were completed. These transactions were conducted at a cost of just $0.16 in DOGE, which is unbeatable by any bank.
The price of the original dog token that was developed as a joke on Bitcoin in 2013 has decreased over the last week. According to statistics from the CoinMarketCap analytics tool, it has lost 12.88 percent over the last week.
This week, U.Today claimed that a top 20 wallet has received millions of Dogecoin, which might be regarded as an indication that the joke currency is being sold.
Since the beginning of February, when it failed to achieve the high of $0.09869, the DOGE price has been falling. At the time of writing, the biggest canine coin is being traded for $0.08152, a loss of little more than 1 percent over the previous 24 hours.
However, this meme coin’s community places its hopes in tech billionaire Elon Musk, who has been DOGE’s most prominent public backer over the last several years. In October 2022, the CEO of Tesla completed the acquisition of the social media behemoth Twitter.
Prior to this transaction, he often advocated for the incorporation of DOGE on Twitter as a payment option for Twitter Blue or to compensate content authors.
With Musk at the helm of Twitter, it is currently unclear whether or not this notion will become a reality. However, the site is now developing a new feature called Coins. It will enable users to reward their favourite content providers.
Yesterday, an update about the DOGE-funded space mission became available. As reported by U.Today, SpaceX’s 2021 Dogecoin-funded lunar satellite launch was confirmed no sooner than the third quarter of this year. When it really occurs, it may serve as a positive price driver for Dogecoin.
