359Million Doge Coin Moved – Elon Musk. Dogecoin, the crypto that Elon Musk loves, has been soaring ever since its price spiked on Twitter. The coin’s shiba inu-themed reputation has been further boosted by traders who set an artificially inflated valuation target of $0.69 — a laughable price point that is likely destined to be hit again, as it’s currently trading at just $0.07.
Now, some of the biggest whales on Dogecoin’s network have moved a large amount of coins to another address. This has caught the attention of crypto community.
Transactions
A recent whale move in Dogecoin has brought the coin to new heights. The 359M doge moved was the largest transaction ever recorded for a commercial Dogecoin transaction, according to Benzinga. The transaction was made by technology and Dogecoin investor Bill Lee, who was the chairman of MyDoge and co-founder of Craft Ventures. The transaction was for the fire-tier editions of the BIG3, a professional 3-on-3 basketball league co-founded by Ice Cube.
The transaction was confirmed on the dogecoin blockchain after a few minutes. It is important to note that Dogecoin is not the fastest cryptocurrency on the market, so the speed of your transaction may vary. The transactions that you make will be displayed on the BlockCypher website once they are approved by the network. This can take a few minutes, but you can track your progress through the BlockCypher dashboard.
One thing to keep in mind is that the fees are not based on a fixed percentage of each transaction, but rather on a rolling, weighted average. This allows for a more accurate estimate of your transaction fee.
Transaction Fees
A mysterious dogecoin whale has moved nearly 450 million tokens worth over $40.5 million in a single transfer. The jumbo move took place for less than $1 in fees and was spotted by whale monitoring service Dogecoin Whale Alert. The large transaction was only the second largest on the network, but it was the quickest.
The Dogecoin juggernaut has had a pretty good run since it launched in 2013, winning over the likes of Elon Musk and TikTok influencers with its philanthropic efforts. However, its market share has decreased by almost a third in the last year. Despite this, it still remains the world’s fourth largest cryptocurrency by volume.
While it’s not surprising that Dogecoin’s transaction fee spike is a positive sign, the coin has had some pretty steep competition in recent months. A newcomer to the scene, SHIB, has managed to out-dog DOGE in terms of trade volume. Nonetheless, if this trend continues, Dogecoin may be looking at a long hard road to recovery.
Addresses
Cryptocurrency investors have been shifting a hefty amount of Dogecoin (DOGE) to unknown addresses in recent days as price of the meme-inspired coin rallies. According to data, 359M doge moved over the past four hours has transferred to addresses that aren’t known to be held by whales. This is the equivalent of nearly $100 million worth of DOGE in a single transaction. These large transfers suggest that larger investors are preparing for a sell-off.
Despite its perceived fairness and high-profile endorsements, it’s entirely possible that Dogecoin is still in danger of being manipulated by a few address holders. One address, for example, controls around 27% of all DOGE. This is a significant amount of wealth and could mean that the address may be attempting to manipulate the price. Despite these allegations, Dogecoin’s community remains strong and growing. Its growing adoption and upcoming space mission may prove to be bullish drivers for the coin.
Conclusions
359M doge moved was a significant milestone in the history of the cryptocurrency. Not only is this number a big deal in the world of crypto, but it also stands out as an important statistic by demonstrating that even with a tepid market cap, there’s still plenty of pizazz in this small ecosystem. As we’ve explored previously, the best way to measure this octane is by looking at on-chain data. In particular, the Dogecoin blockchain has shown that its most impressive feat is moving a higher average transaction value than two of the top three coins in the space: BTC and Ethereum. The average DOGE transaction was a whopping $800,000, which is 8,000 times larger than the average for the two aforementioned cryptos. Considering the high degree of complexity that comes with processing so many transactions, this is a huge achievement for Dogecoin.
