A deep-pocketed crypto whale is suddenly moving multi-million dollar Dogecoin (DOGE) after holding the top meme coin for almost two years.
Blockchain tracking service Lookonchain make clear A wallet that had been unused for about two years suddenly woke up and transferred 326.4 million DOGE. This amount equated him to $28.16 million at the time of the transaction.
Lookonchain shows that the wallet accumulated a large amount of DOGE in March 2021.
The big whale move comes as crypto analytics firm Santiment says Dogecoin signals bearishness in the broader crypto market. Dogecoin’s rising social metric suggests the crypto market may witness a corrective move, according to the analytics firm.
“This pattern of social volume and very positive sentiment towards Dogecoin perfectly illustrates how euphoria can create price tops.
Regardless of your opinion on DOGE, hype for this asset in particular historically portends a market correction. “
Dogecoin is trading at $0.087 at the time of writing, up more than 2% in the last 24 hours.
Another big recent deal that caught Lookonchain’s attention involves crypto whales devour Earned $39 million worth of Dogecoin in the last few days.
This accumulation makes the address one of the most abundant DOGE addresses in the world. Currently has a balance of over $704.2 million in Dogecoin, equivalent to over $61 million, address According to BitInfoCharts, the DOGE wallet is the 20th largest in the world.
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