Cryptocurrency tracking platform Whale Alert and its robots have detected a massive transaction worth almost $90 million in fiat money to the world’s largest cryptocurrency trading hub, Binance. Another 500 million DOGE was sent to another popular crypto exchange.
Cryptocurrency tracking platform Whale Alert and its robots have detected a massive transaction worth almost $90 million in fiat money to the world’s largest cryptocurrency trading hub, Binance. Another 500 million DOGE was sent to another popular crypto exchange.
This transaction took place after DOGE made a massive price increase in the last 24 hours.
1.2 billion DOGE on the move
The aforementioned data source has detected staggering amounts of 699,999,999 DOGE and 500,000,000 DOGE transferred to major cryptocurrency trading platforms, Binance and Robinhood. Together, they formed 1.2 billion Dogecoin.
The first transfer was valued at $53,065,006 and the second was worth $53,065,006 in fiat money. Whale Alert also detected a smaller transfer carrying 66,000,000 Dogecoin during the last 24-hour period.
Given that the price of DOGE has soared over 42%, reaching $0.1, this may be a sign of an impending sell-off as large whales are beginning to move their DOGE holdings onto exchanges to secure Profits.
Dogecoin may go parabolic in April
Earlier this week, popular Twitter cryptocurrency analyst and trader Ali Martinez published a post informing the cryptocurrency community that the original Dogecoin crypto meme is repeating a pattern last seen during the bull market in 2021, the year in which Elon Musk called himself “The DogeFather” on Twitter and endorsed DOGE on Saturday Night Live.
Back then, DOGE price surged to an all-time high of $0.7376 on May 8, after Bitcoin reached an all-time high of $63,000 in April of the same year.
Martinez believes Dogecoin may “enter a parabolic breakout” around April if history repeats itself.
DOGE’s rise follows Bitcoin’s
Overall, the largest meme cryptocurrency in terms of market capitalization value, Dogecoin, recorded a staggering price increase of over 42%, jumping from $0.0948 to a local high of $0.1350. At this point, DOGE has pulled back a bit and is trading at $0.1290.
Dogecoin, Ethereum, XRP, and many other altcoins have suddenly surged in price following the huge rise in Bitcoin price. The flagship cryptocurrency surged almost 12% on Wednesday to surpass the $64,000 level thanks to stable Bitcoin consumption by BTC ETF spot providers.
