Dogecoin Whales Buy 550 Million DOGE Tokens Worth $214.5M in One Day, Signaling Potential Market Shifts

Large holders of Dogecoin DOGE/USD have been making significant moves, with Dogecoin whales recently buying up 550 million DOGE tokens, valued at $214.5 million

Dogecoin (CRYPTO: DOGE) whales have been making large-scale transactions, with new data revealing that the total Dogecoin acquired by whales in the past week amounts to 550 million DOGE tokens. At current prices, this batch of Dogecoin is valued at approximately $214.5 million.

The transactions were highlighted by blockchain monitoring services, which keep track of cryptocurrency movements on the blockchain.

According to blockchain experts, the movements of Dogecoin whales can often signal potential shifts in the crypto market, as these large transactions can precede either price rallies or sell-offs.

The transfers occurred amid a period of relative stability for Dogecoin, which was trading at an average price of around $0.056 at the time of the transactions.

Dogecoin Price Action: DOGE trades at an average price of $0.056 at the time of writing on Monday morning, up 0.06% in the past 24 hours. DOGE has a 24-hour trading volume of about $361 million.

Over the past seven days, DOGE has gained 3.4%, and in the past 30 days, the meme coin has risen by about 24.2%. Dogecoin is down 83.6% from its all-time high of $0.34, which it hit on May 8, 2021.