In a single transaction earlier this week, about 58 million Dogecoins DOGE/USD were sent from several addresses to an unknown wallet.
Dogecoin Processes 58 Million DOGE Transactions!! Have The Whales Finally Calmed Down?
Dogecoin whales – have now finally calmed down after a surge in the activity following Tesla Inc CEO Elon Musk’s acquisition of social media company Twitter Inc., which sparked speculation over whether he might integrate the Dogecoin into the platform.
As of press time, the transaction performed on Monday moved 57,802,168 DOGE from several addresses to an unknown wallet, totaling nearly $7.2 million.
On Saturday, a 150 million Dogecoin transaction was completed, in which coins from numerous addresses were sent to an unknown wallet.
After a period of increased activity, the Dogecoin blockchain is now settling down. Within 24 hours of Musk’s Twitter acquisition being disclosed, the network had handled around 400 transactions totaling at least $2 million.
What Is Dogecoin?
Dogecoin is a cryptocurrency developed by software programmers Billy Markus and Jackson Palmer as a “joke” to respond to the wild speculation about cryptocurrencies.
It is regarded as the first “meme coin” and, more precisely, the first “dog coin.”It was first published on December 6, 2013, and finally reached a market capitalization of over $85 billion on May 5, 2021.
The satirical cryptocurrency was created by software programmers Billy Markus and Jackson Palmer as a joke about Bitcoin and the many other cryptocurrencies boasting great plans to take over the world.
Dogecoin had created a dedicated blog and forum within two weeks, and its market value had jumped to $8 million, making it the world’s seventh-largest electronic currency. Dogecoin uses the Scrypt algorithm and has a faster transaction process than Bitcoin. BTC takes 10 minutes to confirm, while Dogecoin takes barely one minute.
About Dogecoin: History To Present!
Dogecoin has been the cryptocurrency to watch over the last few weeks. In the last three weeks, the largest meme token has gained nearly 40%.
On Tuesday, Dogecoin reached $0.1553, an increase of more than 5% in the last 24 hours. According to Coinmarketcap data, its market cap surpassed $20 billion for the first time in a long time.
However, the famous crypto coin is currently trading at around 77% of its all-time high of $0.6848, which it reached in June 2021. The crypto coin has lost around 20% of its value year to date.
On both a technical and fundamental level, market experts predict Dogecoin will continue to gain pace and the gains will be sustained.
Many players consider Dogecoin to be synonymous with Musk.
Anndy Lian, Chairman of BigONE Exchange, echoed the same sentiment “Following Elon Musk’s investment in Twitter, the stock has increased by nearly 25% Dogecoin has had a comparable, if not greater, impact.”
Experts advise investors to proceed with caution when investing in meme coins. They claim that Dogecoin is a volatile investment with little fundamental utility.
If you’re dealing with derivatives, keep an eye on the pricing and start with smaller leverage.