- 64M DOGE worth $6M transferred to Coinbase in 15 transactions.
- Coincidental 5.5% DOGE price surge after the significant movement.
- DOGE’s recent volatility amidst fluctuations in transaction counts.
Whale Alert, the blockchain tracking service, highlighted a significant movement of nearly 65 million Dogecoin (DOGE) to Coinbase, the largest U.S.-based cryptocurrency exchange. The transaction, totaling $6,127,419, occurred in 15 transactions, with the last four accounting for approximately 10.5 million DOGE.
The mysterious sender, whose wallet is now empty, strategically transferred the entire DOGE holdings to Coinbase, suggesting a potential move to capitalize on the current market conditions. This transaction coincided with an overnight surge in the price of DOGE, indicating a possible link between the movement of funds and the subsequent price increase.
The recent transaction follows a trend observed two weeks ago when Dogecoin experienced two consecutive peaks in its transaction count, surpassing one million and 1.5 million transfers, respectively. However, recent data from the Blockchair explorer indicates a decline in the transaction count to half a million DOGE transactions.
The price of Dogecoin has exhibited notable volatility in recent days. Between November 28 and December 6, DOGE witnessed a remarkable 35.7% increase, reaching $0.1041. The surge coincided with the celebration of DOGE’s birthday on December 6, marking its creation and launch in 2013 as a playful parody of Bitcoin.
Despite the recent highs, the DOGE price experienced a swift 10.5% decline within a day. However, in the last 24 hours, it rebounded with a 5.5% increase, currently trading at $0.0968 after a slight dip.
In an unexpected revelation, DOGE co-founder Billy Markus acknowledged a longstanding bug in Dogecoin’s code. Markus, who created the code a decade ago alongside co-founder Jackson Palmer, disclosed that the absence of a total coin mining limit was a deliberate decision. He admitted that fixing this bug would have led to the discontinuation of Dogecoin, shedding light on a unique aspect of the popular meme cryptocurrency’s history.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.