Whales — cryptospeak for large holders — who are holding top meme coin Dogecoin (CRYPTO: DOGE) showed high activity levels with many notable transactions processed by the blockchain.
What Happened: Blockchain data service Clankapp shows that a single transaction on Monday moved over 261 million Dogecoin, valued at over $31.1 million as of press time.
Blockchain data analysis shows this is the same Dogecoin which Benzinga previously reported on multiple times — the same coins keep getting transferred, sometimes also sending a significantly lower amount to a secondary address along the way.
See Also: How To Buy Dogecoin (DOGE)
Earlier this month, Dogecoin's trading volume skyrocketed from about $382 million per 24 hours to well over $850 million within hours, this also coincided with a pickup in on-chain activity and the price jumping about 10% higher. Such clear excitement over the memecoin was seemingly caused by Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk tweeting that he had no plans to sell his stake in Dogecoin.
DOGE Price Action: As of press time, Dogecoin is trading at $0.1196 after seeing its price increase by about 0.13% over the last 24 hours.
