A massive Dogecoin (DOGE) transactions has caught the eye of the cryptocurrency community, as a massive 200 million tokens worth over $45.7 million were withdrawn from major cryptocurrency trading platform Robinhood Crypto.
The transaction, first flagged by whale monitoring service Whale Alert, shows that the funds went to a previously untagged wallet, deemed an “unknown wallet” by the service. The wallet has since moved most of the funds, and currently has 30.3 billion tokens worth $12.79 million in it.
https://twitter.com/whale_alert/status/1855485593817317849
The transaction comes at a time in which DOGE has seen a 120% price surge over the past week to now trade at $0.426 and as data shows a growing number of users on the cryptocurrency’s network, with 74,885 new wallets holding less than 100,000 DOGE each having been created over the past week.
According to Santiment data, shark and whale wallets are at the same time declining, having seen a net decrease of 350 addresses over the same period. However, a recent resurgence of these larger wallets, with 108 new addresses appearing in the past few days, has helped to propel DOGE’s price.
As CryptoGlobe reported, according to a popular cryptocurrency analyst, however, DOGE’s price rise may only be the beginning of a larger upward movement that could see the meme-inspired cryptocurrency trade in a price range of $3.95 to $23.26.
In a post shared on the microblogging platform X (formerly known as Twitter), analyst Ali Martinez said DOGE is “about to go parabolic” based on historical patterns that show a potential top could be coming between the 1.618 and 2.272 Fibonacci retracement levels, which would end up “translating to a price range of $3.95 to $23.26.”
The cryptocurrency has been outperforming Bitcoin over the last few days, with the flagship cryptocurrency itself moving up around 25% over the last seven days. Last month DOGE saw its “largest spike in active addresses in the past six months,” as the number of addresses active on its blockchain recently surged past 84,000.
Featured image via Unsplash.
