A massive whale transfer of Dogecoin to Coinbase has been observed in the generally solidifying bull market. While it is likely a liquidation, DOGE buyers and investors remain calm.
The Dogecoin (DOGE) community recently witnessed a significant event as a massive transfer of 64 million DOGE tokens to Coinbase triggered a remarkable increase in the price of the digital currency. The transaction not only captured the attention of the crypto community but also had a noticeable impact on the market, leading to a 5.5% price surge.
Whale Alert, a blockchain-tracking service specializing in large crypto transactions, announced the transfer, noting that it originated from a wallet with an unknown sender and involved 15 transactions. According to Whale Alert, the cumulative value of these transactions amounted to $6,127,419. Notably, the sender’s wallet is now empty, indicating a liquidation of memecoins on the exchange.
Dogecoin has experienced a wave of volatility in recent weeks, witnessing a 35.7% increase between November 28 and December 6, reaching a price of $0.1041. The surge coincided with the cryptocurrency’s birthday. However, on December 7, Dogecoin experienced a 10.5% correction, which was only temporary as trading volume surged by 22% to approximately $1.23 billion.
Recent data shows that DOGE has risen by more than 5.54% in the last 24 hours and is trading at $0.1026, demonstrating resilience amidst fluctuations in the crypto market. Surprisingly, Dogecoin’s performance stands out compared to Bitcoin’s relatively modest 1.64% increase.
Billy Markus, co-founder of DOGE, has admitted to a flaw in Dogecoin’s code, causing it to have no limit on the number of tokens that can be generated. Markus claims that Dogecoin would have ceased to exist long ago if this flaw had been fixed. This admission sheds new light on Dogecoin’s history: Was it really a mistake? And why is it being revealed now? What about the sustainability of Dogecoin?
Meanwhile, a top crypto analyst, known for his insights on the Crypto Capital Venture YouTube channel, has identified factors indicating that Dogecoin is on the verge of a major breakout. This includes the fact that 65% of Dogecoin wallet addresses are currently profitable. Furthermore, there has been a notable increase of 50,000 Dogecoin addresses in the last 30 days, proving solid fundamental data and a growing user base.
The expert has set a short-term price target of 16 cents, almost doubling the current price. The prediction is based on the analyst’s earlier disclosure this year, when he announced the purchase of a significant amount of Dogecoin at around 6 cents.