The Meme-based cryptocurrency Dogecoin (DOGE) has recently experienced a significant increase in whale transactions during an improvement in the crypto asset’s price.

Data from the on-chain crypto tracker Whale Alert recently revealed that a massive amount of Dogecoin (DOGE) was transferred to Robinhood. This whale transaction has attracted the interest of traders and investors in the larger cryptocurrency space.

According to the crypto tracker, the transfer was orchestrated by an unknown wallet address earlier today. The wallet address identified as DDuXG.ruc1wwKF sent about 300 million DOGE to the cryptocurrency trading platform Robinhood.

The post read:

300,000,000 #DOGE (25,033,123 USD) transferred from unknown wallet to #Robinhood.

With the current price of Dogecoin, the whale transaction is valued at approximately $25 million. The whale moved the substantial Dogecoin haul to Robinhood for a comparatively low network cost of just $0.18. This is most likely by taking advantage of times when fees and congestion were low. 

The transfer of DOGE to Robinhood suggests that the whale is looking to sell the tokens, igniting speculation in the larger cryptocurrency market. However, it seems that the meme-based cryptocurrency’s price increase runs counter to the tokens being dumped on exchanges.

Currently, the price of DOGE is sitting at $0.0839, indicating an over 2% increase in price in the past 24 hours. Meanwhile, its market capitalization is also reflecting the same percentage rise at $11.9 billion, according to CoinMarketCap.

A similar whale transaction was also flagged by the on-chain tracker recently. In October, a similar transaction of 300 million DOGE tokens occurred thrice, while last month also saw a similar transaction twice.

Large-scale individual transactions usually come with the danger of crashes due to fast liquidations or market manipulation. However, there is no solid evidence that the whale transaction had any impact on the token’s price.

Dogecoin has shown a significant uptick in its total number of holders lately. Analytics firm IntoTheBlock revealed that the total number of addresses holding a balance exceeded 5 million this week, and reached a high of 5.02 million on November 27. A major factor contributing to the rise in new Dogecoin addresses is the cryptocurrency’s increasing adoption and interest.

The on-chain analytics firm also revealed that the numbers have been increasing gradually since the start of the year. “This recent activity is most likely driven by Dogecoin “Doginals”, which don’t require a significant on-chain balance of $DOGE,” IntoTheBlock said.

DOGE trading at $0.0833 on the 1D chart | Source: DOGEUSDT on Tradingview.com

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