A crypto whale has recently moved over $26 million worth of Dogecoin (DOGE) into the cryptocurrency exchange Binance. The asset movement has raised concerns among holders over a potential sell-off of the popular memecoin.
Crypto whales are individuals or corporations holding a large quantity of a particular cryptocurrency. Most times, a buy or sell action from a whale can impact the crypto asset’s price, causing an increase or a decrease.
Whale Transport Over $26M in DOGE
On-chain details of the transaction, discovered by Whale Alert, showed that the crypto whale transferred more than 332.9 million DOGE tokens, worth over $26.6 million, through five transactions into a Binance wallet address.
Presently, the recipient’s address holds a whopping $36.3 million worth of DOGE tokens. The whale now holds over 0.31% of DOGE’s circulating supply.
DOGE holders and other crypto community members suggested that the whale might sell off their Dogecoin stash. A selloff of this size would be regarded as a massive dump, which would likely cause a significant price drop for the DOGE token.
Will DOGE Drop in Value?
It is worth noting that after the crypto whale moved the large DOGE tranche into Binance, DOGE’s price did not demonstrate a downward price movement. Shortly after the on-chain transaction, the memecoin’s price went up.
Presently, DOGE trades at $0.08, representing a mild 3.87% increase in the last 24 hours. However, it also represents a 13.3% decrease in the last seven days.
Source: CoinStats
Dogecoin was created as a joke/meme featuring the face of the Shiba Inu dog. Since its emergence in December 2013, Dogecoin has shown itself to be something more than a meme. It has risen to the leading position among memecoins based on market capitalization. It has also seen significant growth in the number of users.
The memecoin’s value was especially driven by the support of the tech billionaire Elon Musk, who is often regarded as the Doge father.
