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300M DOGE Transferred In One Transaction As Dogecoin Whales React To Market Turmoil

Published 19/05/2022, 18:28
Updated 19/05/2022, 19:10
© Reuters 300M DOGE Transferred In One Transaction As Dogecoin Whales React To Market Turmoil

Exactly 300 million Dogecoin (CRYPTO: DOGE) were moved from multiple addresses to an unknown wallet in a single transaction earlier on Thursday.

What Happened: The transaction processed on Thursday moved exactly 300 million Dogecoin from an unknown address to an unknown wallet for a total transfer value of over $27.25 million as of press time, according to transaction tracking service Clank.

See Also: How To Earn Free Crypto

This transaction was preceded by a 73 million Dogecoin transaction on Monday, which saw coins being moved from an unknown address to an unknown wallet.

Dogecoin's on-chain activity levels have yet to return to usual levels after showing a higher than normal level of activity for an extended period due to market excitement and turmoil caused by mainly two separate reasons.

One activity increase started on the day Tesla Inc (NASDAQ: TSLA) CEO Elon Musk's Twitter Inc (NYSE: NYSE:TWTR) acquisition was announced spurring hopes he would integrate Dogecoin into the platform. On that day, the network processed about 400 transactions worth at least $2 million within 24 hours.

The Dogecoin blockchain showed a heightened level of activity another time when the collapse of smart contract cryptocurrency Terra (CRYPTO: LUNA) and its integrated stablecoin TerraUSD (CRYPTO: UST) made waves in the whole crypto market.

Photo: JLStock via Shutterstock

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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