180,000,000 Dogecoin (DOGE) Fuels Hope in Epic Whale Activity

As the crypto market sees Dogecoin (DOGE) trade positively with massive daily gains, hitting the highest level witnessed since last month, large players are moving the tokens in large quantities as on-chain tracking firm, Whale Alert, identifies a major transfer involving millions of DOGE.

Data shared by the tracking firm shows that a massive 180,000,000 DOGE tokens have been pulled out of a renowned cryptocurrency trading platform, Robinhood, on July 21. The transfer, which was worth a total of $49,997,419, happened in just one transaction.

While the transfer saw the millions of DOGE tokens withdrawn into a decentralized wallet with the address “DGTDRAk,” the reason behind the transfer remains uncertain, sparking debates across the crypto community.

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Nonetheless, it is important to note that the wallet is not new and has an extensive transaction history showing multiple large transactions that have been previously executed. The wallet shows a massive 455,216,447 DOGE, worth over $125 million, left on it now.

While the whale behind the transfer was not identified, the consistent DOGE transfers showcased in the wallet’s history have fueled more curiosities among market participants, as many suggest that it could be an institutional investor or a long-term holder accumulating in preparation for a broader market rally.

While there are also speculations that the whale could be a DOGE-focused institution preparing for future utility-driven moves, its wallet history shows that it has continued to send out and receive millions of Dogecoin in just a few hours after the major 180,000,000 DOGE withdrawal.

Dogecoin inches closer to $0.3

The large DOGE transaction coincides with an epic uptrend in the price of DOGE, which saw it project the highest daily gains among the top ten largest cryptocurrencies by market capitalization on Monday.

This has raised suggestions that the large DOGE withdrawal from a trading platform like Robinhood might be a strategic accumulation from a large player, thereby building a bullish momentum for the leading meme token.

While the early hours of Monday saw DOGE project significant price surges for the day, the token had slowed down on its uptrend and was trading steadily at 0.2720 shortly after the transfer happened. However, it is important to note that it is still uncertain if the large DOGE transaction had impacted the token’s performance in any way.