Dogecoin In High Alert as 700 Million Moves Onchain

A large Dogecoin whale transaction is spotted onchain as approximately 700 million DOGE moved between two anonymous wallets

Popular blockchain investigator Whale Alert, which tracks large crypto transfers, has detected a huge Dogecoin (DOGE) transaction onchain. This transaction is worth millions of U.S. dollars, indicating increased DOGE whale activity.

700 Million DOGE On the Move

Dogecoin whale activity has drastically increased over the past 24 hours. In particular, 700 million DOGE was transferred from an unknown wallet address to another. This large transaction is worth about $78.6 million at Dogecoin’s current market price.

🚨 🚨 🚨 🚨 700,000,000 #DOGE (78,682,399 USD) transferred from unknown wallet to unknown wallethttps://t.co/SZp4TwLiBX

— Whale Alert (@whale_alert) October 14, 2024

Only a few details are known about this particular transaction. However, reactions from the community have brought more attention and prompted a closer look at Dogecoin. The actions of whale investors can strongly influence price patterns and general sentiment. Their actions could prompt anticipation of either bullish or bearish sentiments among investors.

Over the past day, DOGE has printed an impressive rally, following its previous price jump. Dogecoin increased by 2.13% to $0.1131, and the trading volume increased by 50.8% to $773.8 million.

Dogecoin and other top digital assets follow the flagship cryptocurrency, Bitcoin. Earlier today, BTC topped the $65,000 level, surging 3.5% in the past 24 hours. Shiba Inu (SHIB), another top memecoin, also increased by 3.05% within the same time frame.

Dogecoin ETF Expectations

There has been heightened speculation about the potential launch of a Dogecoin Exchange-Traded Fund (ETF). 

Many Dogecoin community members are expecting the launch of a DOGE ETF soon. This investment product will allow investors to stake in DOGE without directly holding the token. They anticipate that this adoption would increase DOGE prices, thus increasing their investments.

However, there is speculation that SHIB ETFs may be launched before their Dogecoin counterparts. Still, other market observers think that DOGE has a greater chance than Shiba Inu. They noted that DOGE’s high market cap gives it an edge over SHIB. 

As of this writing, DOGE has a market cap of $16.5 billion, while SHIB has a market cap of $10.6 billion.

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