Dogecoin Whales Move $12 Billion In a Single Day
By Luke F - Crypto Investor - 16-04-2021
Dogecoin's meteoric rise up in the market charts conveniently sparked when the DOGE whales reappeared as the blockchain's indicators reached new highs in the last 24 hours as of writing.
According to BitInfoCharts numbers, over $12 billion in DOGE was transferred across the blockchain recently. To put it into perspective, the Ethereum (ETH) blockchain had transferred just $6 billion in Ether on the same day as the surge of price for buying DOGE. Knowing that Ether is second behind Bitcoin (BTC) by market capitalization, is enough to prove how much the DOGE whales are moving the candles in the last day.
Dogecoin stands out quite massively in an industry that promises decentralization. One address actually holds 28% of the total coin supply, whereas just 11 addresses collectively hold 46%.
Tesla CEO and Dogecoin spokesperson Elon Musk, stated he supports the cryptocurrency even if the top investors sold off the majority of their coins. He asserted that if most Doge owners sold their coins, “it will get my full support”. He criticised “too much concentration” on the network in February, when Dogecoin was priced about $0.05.
To add some more clarity to the growth of the meme coin, before Dogecoin's rise in the market, at the time- even with all the Reddit pumps and Musk's tweets, the coin could only just about reach a value of $0.01 once in its entire eight-year existence. But now, with the coin's 400% surge to above $0.30 in the last week has attracted a lot of attention, taking them to the Dogecoin subreddit. According to analysts, the number of new subscribers to the sub has risen exponentially in the last week in tandem with the increasing coin price, rising from hundreds to thousands per day.
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