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Cryptocurrency tracking platform Whale Alert and its bots have detected a massive transaction worth almost $90 million in fiat to the world’s largest cryptocurrency trading venue, Binance. Another half a billion DOGE was sent to another popular crypto exchange.
This transaction took place after DOGE staged a massive price increase within the last 24 hours.
1.2 billion DOGE on the move
The aforementioned data source has spotted jaw-dropping amounts of 699,999,999 DOGE and 500,000,000 DOGE transferred to major cryptocurrency trading platforms Binance and Robinhood. Together, they made up 1.2 billion Dogecoin.
The first transfer was evaluated at $53,065,006, and the second one was worth $53,065,006 in fiat. A smaller transfer carrying 66,000,000 Dogecoin was also noticed by Whale Alert over the period of the last 24 hours.
🚨 🚨 🚨 🚨 699,999,999 #DOGE (89,050,089 USD) transferred from unknown wallet to #Binancehttps://t.co/vSdR0cxAqn
— Whale Alert (@whale_alert) February 29, 2024
As the DOGE price has skyrocketed by more than 42%, hitting $0.1, this may be a sign of an approaching sell-off since large whales are beginning to move their DOGE holdings to exchanges to lock in profits.
🚨 🚨 🚨 500,000,000 #DOGE (53,065,006 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/6GMt0lGMdu
— Whale Alert (@whale_alert) February 28, 2024
Dogecoin may go parabolic in April
Earlier this week, popular cryptocurrency analyst and trader on Twitter Ali Martinez published a post to let the cryptocurrency community know that the original meme crypto Dogecoin is repeating a pattern last seen during the bull market in 2021 – the year when Elon Musk called himelf “The DogeFather” on Twitter and endorsed DOGE on Saturday Night Live.
Back then, the DOGE price was propelled to an all-time high of $0.7376 on May 8, following Bitcoin reaching a historic peak of $63,000 in April of the same year.
The price action of #Dogecoin appears to mirror patterns observed in its past bull markets. If history repeats itself, we could see $DOGE enter a parabolic breakout around April! pic.twitter.com/fL1J3CP3mR
— Ali (@ali_charts) February 26, 2024
Martinez believes that Dogecoin may “enter a parabolic breakout” approximately in April if history repeats itself.
DOGE surge follows that of Bitcoin
Overall, the largest meme cryptocurrency in terms of market capitalization value, Dogecoin, printed a staggering price increase of more than 42% jumping from $0.0948 to a local peak of $0.1350. By now, DOGE has rolled back a little and is exchanging hands at $0.1290.
Dogecoin, Ethereum, XRP and many other altcoins have suddenly increased in price following the enormous Bitcoin price surge. The flagship cryptocurrency increased by almost 12% on Wednesday to top the $64,000 level on the stable consumption of Bitcoin by the spot BTC ETF providers.