According to recent tweets from Ðogecoin Whale Alert, a Twitter account that provides precise and up-to-date notifications for Dogecoin transactions, the crypto exchange Binance has transferred over 400 million $DOGE among internal wallets.
The transfers amounted to 301,667,311 $DOGE worth $29,677,728 and 100,906,386 $DOGE worth $9,927,069. The motive behind this transfer was likely to redistribute funds among the internal wallets of the exchange.
🐕🪙🐋🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨
301,667,311 $DOGE ($29,677,728 USD) was transferred from a #Binance wallet to a #Binance wallet.
Fee: 2.41 ($0.24 USD)
Tx: https://t.co/OnpOCVsW9A#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews
— Ðogecoin Whale Alert (@DogeWhaleAlert) April 4, 2023
On Monday, the “Doge” icon replaced the Twitter bird logo on its webpage button. This change significantly increased the price of the Shiba Inu meme-inspired crypto by over 30 percent, currently trading at $0.09787 per CoinMarketCap’s data.
The surge in value caused its market capitalization to soar by almost 29 percent, reaching $13,972,987,874. According to CoinMarketCap, its trading volume within the last 24 hours reached $2,784,229,795.
The price of DOGE, however, is still more than 86 percent below its all-time high of $0.7376. This peak was reached in May 2021, after the cryptocurrency was endorsed by Tesla and Twitter CEO Elon Musk during a 2021 appearance on the television show “Saturday Night Live.”
After experiencing a surge in price, many major investors began selling off their Dogecoin holdings to cash in on their profits. Whale Alert reported two large transfers of Dogecoin — one of which involved 650 million and the other involved 300 million Dogecoin.
According to Coinglass data, liquidations of futures tied $DOGE tokens amounted to $26 million recently, a higher-than-average amount.
🚨 🚨 350,000,000 #DOGE (26,581,455 USD) transferred from unknown wallet to unknown wallethttps://t.co/unjyXArl87
— Whale Alert (@whale_alert) March 29, 2023
Economist and trader Alex Krüger recently tweeted that the current market conditions are setting the stage for a potential surge in Dogecoin later this year.
He urged people to consider the market’s history and focus on more volatile cryptocurrencies rather than using higher leverage for trading.
Apart from the original Dogecoin, all meme coins related to Dogecoin are reportedly experiencing an increase in value today, as revealed by CoinGecko.
Everything is shaping up for a massive dog run later in 2023.
Pick your fighters. I already have.
— Alex Krüger (@krugermacro) April 4, 2023
DOGE’s popularity and Musk’s influence
DOGE is a cryptocurrency established in 2013, based on the “doge” meme featuring a Shiba Inu. It was created by Billy Markus and Jackson Palmer, who aimed to develop a fun and widely accessible cryptocurrency.
Its popularity grew even more when Musk declared it his favorite coin. He also shared a meme featuring a Lion King DOGE on social media, causing a sharp increase in $DOGE. The peak of this rally was reached with Musk’s appearance on SNL in 2021.
In the following months, Musk’s interest in DOGE seemed to wane, and its price plummeted by over 70 percent from its all-time high.
Investors have reportedly filed a lawsuit against Musk, alleging that he intentionally caused Dogecoin’s price to soar by over 36,000 percent in two years only to let it plummet later. The lawsuit is seeking $258 billion in damages. Musk then requested that a U.S. judge dismiss the racketeering lawsuit on Friday.
In October, the value of Dogecoin doubled after retail traders responded positively to news of his $44 billion acquisition of Twitter.
Stéphane Ouellette, the CEO of digital asset investment platform FRNT Financial, noted that Twitter had not yet disclosed any specific plans for cryptocurrency-related initiatives despite a year having passed since Binance’s announcement.
“It remains to be seen whether the appearance of the DOGE logo is more than a joke,” Ouellette said.
Musk has yet to explain why he replaced Twitter’s icon with the DOGE logo. However, the 51-year-old confirmed it was not just a prank for April Fools’ Day.
