Dogecoin whales continue to move hefty amounts of DOGE.
Over the past 48 hours, Dogecoin (DOGE) whale investors have been active as cryptocurrency prices continue to rally. Whale investors have moved millions of Doge to unknown wallets and addresses on top cryptocurrency exchanges.
Yesterday, over 400 million units of DOGE were moved by whales amid the surging price of the crypto asset. Interestingly, investors do not seem like they will be relenting anytime soon.
Whales Move 394M DOGE to Binance
Whale Alert observed the movement of hefty amounts of DOGE to Binance, the world’s largest crypto exchange. According to Whale Alert, a total of 394,529,380 (394.52 million) DOGE were moved by whale investors to the world’s largest cryptocurrency exchange by trade volume. This enormous amount of Dogecoin was transferred to Binance in two separate transactions.
The first transaction took place around 16 hours ago, which saw a total of 94,529,382 DOGE worth around $7.27 million moved to an address on Binance by an unknown whale.
🚨 94,529,382 #DOGE (7,277,488 USD) transferred from unknown wallet to #Binancehttps://t.co/S2ioTtGuTN
— Whale Alert (@whale_alert) October 27, 2022
Whale Alert also observed another huge movement of Dogecoin a few hours later. This time, the cryptocurrency tracking service saw a whopping 286,953,266 DOGE transferred to Binance by an anonymous whale. At the time of the transaction, these dogecoins were worth $22.14 million.
286,953,266 $DOGE ($22,140,740 USD) was transferred from a #Top20 wallet to a #Binance wallet.
Fee: 2.41 ($0.19 USD)
Tx: https://t.co/sJzxNZHZLi#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews
— Ðogecoin Whale Alert (@DogeWhaleAlert) October 28, 2022
DOGE Price Soars As Elon Musk Completes Twitter Deal
It is worth noting that these massive Dogecoin transactions come at a time when the value of the cryptocurrency is having an interesting rally. DOGE’s price is fueled by news of Elon Musk’s Twitter takeover. The world’s richest man, a Dogecoin proponent, recently completed a $44 billion deal to acquire the social media platform.
CNN reported that after the deal’s completion, Musk fired former Twitter CEO Parag Agrawal and two other executives. The move is part of Musk’s eventual effort to become Twitter’s CEO. With Musk at the helm of Twitter’s affairs, the crypto community expects him to provide support for Dogecoin across multiple features of the social media platform.
Musk confirmed yesterday that Twitter would monetize and compensate content creators. Once the service is live, Dogecoin could be added to the list of supported payment methods people can adopt to receive their rewards.
DOGE Surpasses Solana to Become Ninth Biggest Crypto
Meanwhile, this speculation has continued to fuel the price of Dogecoin. Earlier today, DOGE spiked to a high of $0.085. At press time, DOGE has retraced a bit and is currently changing hands at $0.083, according to Coingecko data. The cryptocurrency is still up 10% at press time, with a 24-hours trade volume of $3.7 billion.
The impressive rally of Dogecoin helped the token to achieve an impressive milestone a few hours ago. Dogecoin surpassed Solana (SOL) to become the ninth-largest cryptocurrency by market capitalization. The market cap of DOGE is currently sitting around $11.38 billion, while Solana’s market cap is worth $11.08 billion at the time of writing.