Who Let The DOGE Out? 1 Billion Coins Unleashed, Triggering Speculation

By Bitcoinist - 4 months ago - Reading Time: 2 minutes

Who Let The DOGE Out? 1 Billion Coins Unleashed, Triggering Speculation

The recent attention-grabbing transfer of over 990 million DOGE, valued at around $80 million, has once again propelled the canine-inspired cryptocurrency into the spotlight.

The massive Dogecoin transaction, representing around 0.9% of the circulating supply, has prompted fervent discussions within the meme coin community, with speculations emerging about the motives behind the transfer and its potential impact on DOGE’s price.

DOGE Community Buzz: Whopping $990 Million Transfer

As news of the transfer spread across various social media platforms and cryptocurrency forums, members of the DOGE community quickly began dissecting the intricacies of the transaction. The sheer size of the transfer has led to a myriad of speculations, ranging from institutional maneuvers to strategic portfolio rebalancing by major holders.

Whale Alert, a prominent blockchain tracker, meticulously documented the colossal transfer through a series of tweets. The transaction, comprising 11 separate transfers of 90 million DOGE each, echoes previous instances of substantial movements in the DOGE market.

990,000,000 #DOGE (79,757,842 USD) transferred from unknown wallet to unknown wallethttps://t.co/Jtf8HzANTK

ā€” Whale Alert (@whale_alert) January 16, 2024

Notably, on January 9th, around a billion DOGE were withdrawn from Binance, and a comparable amount was transacted on December 26th.

These sizable transactions have ignited debates among DOGE enthusiasts, with concerns over a possible “DOGE dump” triggering a market sell-off and subsequent price decline.

However, others in the community maintain a sense of cautious optimism, speculating that these movements could signal institutional interest or strategic rebalancing by exchanges.

Compounding the intrigue surrounding Dogecoin’s recent activity is the coin’s struggle in the market, experiencing a nearly 5% dip since Sunday. The current price, hovering around $0.0803, faces resistance at the $0.0816 level despite attempts to breach it.

Elon Musk Clings To His DOGE

Adding a touch of Elon Musk’s influence to the mix, the tech billionaire and vocal Dogecoin supporter confirmed during a recent podcast that he still holds his DOGE stash, reiterating his faith in the meme coin. Musk’s statements have historically influenced DOGE’s price and market sentiment.

Elon Musk has not sold any #Dogecoin.

Just your friendly reminder that WAGMI! pic.twitter.com/bDfCQAxypL

ā€” š“£ š“ž š“Ÿ š““ š“ž š“– š“” (@TOPDOGE007) January 11, 2024

Utah Grants X Money Transmitter License Meanwhile, Utah became the 15th state in the US to approve Elon Musk’s social media network X, which was previously known as Twitter, with a money-transmitter license on Monday, as the company looks into implementing payment functionality.

According to the Nationwide Multistate Licensing System & Registry, an online database, Utah approved the application on Friday.

It gives the enterprise the capacity to arrange money transactions and paves the way for the company to enable customers to send money to one another, much like PayPal’s Venmo.

Related Reading: Solana Soars Or Slumps? New Mobile Phone Gamble Puts SOL On Edge

As the dust settles from the 990 million DOGE transfer, its immediate impact on the market remains uncertain. Nevertheless, the event underscores the ongoing volatility and passionate community engagement surrounding Dogecoin.

Featured image from DOGE

Original source: Bitcoinist