A whale — cryptospeak for large holder — owning leading meme coin Dogecoin (CRYPTO: DOGE) recently decided to move an astonishing quantity of it in a transaction closely resembling at least another one that took place earlier this week.
What Happened: Blockchain data service Clankapp shows that a single transaction on Wednesday moved nearly 263 million Dogecoin, valued at about $30.75 million as of press time.
Notably, just yesterday Benzinga reported a nearly identical transaction taking place under 24 hours before this one. On closer inspection, a Dogecoin blockchain explorer shows that this is the same quantity of DOGE — minus the fees — moving from one unknown address to another for reasons that are not publicly known.
The recent pickup in on-chain Dogecoin activity — as seen on Tuesday's blockchain data showing 118 transactions worth at least $2 million being processed within 24 hours — was presumably caused by Tesla Inc (NASDAQ:TSLA) CEO Elon Musk recently tweeting he had no plans to sell his stake in Dogecoin. CoinMarketCap data shows that shortly after his tweet, trading volume spiked from about $382 million per 24 hours to well over $850 million.
DOGE Price Action: As of press time Thursday afternoon, Dogecoin is trading at $0.1167 after seeing its price increase by nearly 1.23% over the last 24 hours.
