Sudden massive transfers of the major meme cryptocurrency Dogecoin (DOGE) rocked the crypto scene today, as 600 million coins changed hands in just 10 minutes, as Whale Alert reported. The shift of $231.57 million worth of DOGE took place in two tranches. The addresses used are “D78RSZm” and “DQhgaRJ,” with the former being the sender and the latter the recipient.
It is interesting to note that the sender’s wallet is one of the richest Dogecoin holders, currently holding 18th place with over 761 million DOGE, which is equivalent to about $310 million. At the same time, the receiving wallet has also made it to the DOGE rich list with a recent transfer and is now the 21st largest holder of the meme coin overall.
Thus, we can say that in just 10 minutes, Dogecoin witnessed the biggest change in wealth in its recent history, while also adding a new member to DOGE’s rich list. Of course, both addresses could belong to the same entity.
The intriguing thing is that they probably do not belong to any exchanges. At least the on-chain story does not have a label on it. That is a good thing because, in this case, Dogecoin enthusiasts may be hoping for some volatility, as the movement was not an internal exchange operation and, therefore, may cause a ripple effect at some point on the Dogecoin price chart.
We may already be seeing some of this, as DOGE is up over 10% during today’s trading session, with most of the spike occurring immediately after the transfer was made.
There is definitely more to this DOGE wealth shift, so it is best to keep an eye on what’s next for the popular meme coin.
