Cryptocurrency tracking platform Whale Alert detected large transactions worth approximately $90 million to Binance, the world’s largest cryptocurrency exchange. Another half billion DOGE was sent to another popular crypto exchange. This transaction follows a massive price increase in the meme coin price over the last 24 hours.
Meme coin price skyrocketed, whales started moving it to the exchanges
cryptokoin.comAs you follow from , the meme coin market is on the rise today. The original meme coin, Dogecoin (DOGE), also saw strong gains. Amidst these price movements, whale watching platform Whale Alert detected jaw-dropping amounts of 699,999,999 DOGE and 500,000,000 DOGE transferred to major cryptocurrency trading platforms Binance and Robinhood. These amounts total 1.2 billion DOGE. The first transfer was worth $53,065,006. The second amounted to 53,065,006 dollars in fiat currency. A smaller transfer of 66,000,000 DOGE was also caught on Whale Alert’s radar in the last 24 hours.
DOGE price saw a staggering increase of more than 42%. That’s probably why big whales started moving their DOGE holdings to exchanges to lock in profits. So it’s possible that this is a sign of an impending sell-off.
Analyst: It is possible for DOGE to go parabolic in April!
Earlier this week, popular cryptocurrency analyst Ali Martinez said that the original meme coin project Dogecoin was repeating a pattern last seen during the 2021 bull market. 2021 is the year Elon Musk calls himself “DogeFather” on Twitter and endorses DOGE on Saturday Night Live. At the time, the DOGE price had risen to an all-time high of $0.7376 on May 8, after Bitcoin reached a historic peak of $63,000 in April of the same year.
Martinez predicts that if history repeats itself, Dogecoin will “enter a parabolic breakout” around April.
The increase in DOGE follows Bitcoin
Dogecoin, the largest meme coin by market cap, jumped from $0.0948 to $0.1350. Thus, it recorded a staggering price increase of more than 42%. So far, DOGE has lost some ground and is changing hands at $0.1290. Dogecoin, Ethereum, XRP and many other altcoins suddenly increased in price following the massive Bitcoin price increase. Bitcoin rose almost 12% on Wednesday, surpassing the $64,000 level. This move of the leading cryptocurrency was influenced by the steady Bitcoin purchases of spot BTC ETF issuers.
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