A top Dogecoin (DOGE) whale transferred more than $396.8 million worth of the memecoin to another top wallet across a series of transactions on Monday.
The unknown whale sent a total of 5.44 billion DOGE across seven transactions that all occurred in less than 10 minutes on Monday afternoon, according to crypto data website BitInfoCharts.
The unknown receiving wallet rose from being the fifth-largest Dogecoin address in the world at the beginning of the week to the second-largest wallet at the time of writing. It currently holds around 8.84 billion DOGE worth more than $643 million.
The sending wallet dropped down in the rankings from a top-10 address to the 19th-largest wallet after the seven transactions, though it has since risen back up to the fifth spot after receiving more than 5.46 billion Dogecoin across two separate transactions on Tuesday morning.
The sending whale currently holds around 6.27 billion DOGE worth more than $456 million, according to BitInfoCharts.
The richest Dogecoin address in the world is currently Robinhood’s wallet, which holds around 22.6 billion DOGE worth more than $1.6 billion. The retail trading giant’s holdings represent 16.23% of Dogecoin’s total supply.
DOGE is trading at nearly $0.0729 at time of writing. The ninth-ranked crypto asset by market cap is down 0.43% in the past 24 hours.
What does this mean for the Dogecoin market?
It is unclear what the whale’s motivations were for transferring such a large amount of DOGE. Some analysts believe that the whale may be preparing to sell their holdings, which could lead to a decline in the price of DOGE.
Others believe that the whale may be consolidating their holdings into a single wallet, which could be a sign of confidence in the long-term prospects of DOGE.
