Dogecoin Whale Transfers over $445M Worth of Coins, Dogecoin Price Reacts

A major Dogecoin (DOGE) whale made waves in the crypto world as it transferred a staggering amount of over $445 million worth of the popular memecoin. The series of transactions took place on Monday, with the unknown whale swiftly moving 6.26 billion DOGE across seven transactions in less than 10 minutes. These transfers captured the attention of crypto enthusiasts and analysts, shedding light on the shifting dynamics of Dogecoin’s top wallets. 

Whale Activity and Wallet Rankings

The mysterious Dogecoin sender, previously holding a top-10 address, executed the transactions, resulting in a drop to the 19th-largest wallet position. However, the DOGE whale quickly regained momentum by receiving more than 5.46 billion DOGE across two separate transactions on Tuesday morning, reclaiming the fifth spot.

As of now, the sender holds approximately 6 billion DOGE, valued at over $445 million. On the other hand, the receiving wallet, once the fifth-largest, climbed to become the second-largest Dogecoin address, boasting an impressive 8.84 billion DOGE, worth more than $643 million.

The richest Dogecoin address currently belongs to Robinhood, holding a substantial 22.6 billion DOGE, valued at over $1.6 billion. This significant holding represents around 16.23% of Dogecoin’s total supply, further highlighting the influence of prominent players in the market.

Dogecoin Price Action and Market Outlook

As for DOGE’s market performance, the coin is trading at nearly $0.07114 at the time of writing. While experiencing a slight 2.87% dip in the past 24 hours, the hourly chart indicates a potential local support level. Should the daily candle close above $0.07255, a modest growth toward the resistance at $0.07396 becomes plausible for the Dogecoin price.

Zooming out to the bigger chart, a neutral stance prevails as neither bulls nor bears have gained sufficient momentum. Consolidation within the narrow range of $0.072 to $0.08 is expected throughout the current week, as indicated by the Dogecoin technical analysis. The absence of significant volume confirms the indecisiveness in the market.

Looking ahead, traders can anticipate continued sideways trading of Dogecoin price until mid-June, with a range of $0.07 to $0.08 likely to dominate the Dogecoin price action. As Dogecoin continues to garner attention and navigate market fluctuations, traders and enthusiasts will closely monitor the evolving landscape.