An unknown wallet on Wednesday transferred 67.81 million Dogecoin DOGE/USD to the popular cryptocurrency exchange, Coinbase.
What Happened: This means, over $5 million worth of DOGE was transferred, while the exact intentions behind this transfer remain unknown, but raises the possibility of a whale dump.
This refers to a scenario in which a large holder, known as a whale, sells a substantial amount of a cryptocurrency, often leading to market fluctuations.
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Why It Matters: Interestingly, this development occurs in the backdrop of a legal battle between Elon Musk, the CEO of Tesla, and a group of disgruntled Dogecoin investors. In a recent court appearance, Musks legal team argued that the litigation has dragged on for an excessive period.
Musks affinity for Dogecoin has been well-documented over the years. It all began in April 2019 when Musk tweeted that Dogecoin could be his favorite cryptocurrency. Since then, his support for DOGE has only gained more momentum, particularly after Musk acquired Twitter.
One notable moment in this ongoing saga involved Twitter temporarily replacing its logo with Dogecoins iconic Shiba Inu mascot around April Fools Day, further cementing Musks association with the cryptocurrency.
Price Action: At the time of writing, DOGE was trading at $0.075, up 1.50% in the last 24 hours, according to Benzinga Pro.
Photo Courtesy: Shutterstock.com
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