Dollars

Millions

Dogecoin

Elon Musk

On-chain data from whale transaction tracker Whale Alerts has revealed multiple transfers of <a href="https://bitcoinist.com/dogecoin-better-doge-etf/" target="_blank" rel="noopener noreferrer nofollow">Dogecoins </a>changing hands between unknown whales and crypto exchanges Binance and Robinhood. Large whale transfers such as this one, which collectively amounted to 1.88 billion DOGE tokens throughout the week, tend to catch investors’ attention over their motives. But this elaborate shuffle between whales could be attributed to the approaching DOGE-1 space mission to take Dogecoin to the moon.
<h2 id="b-dogecoin-whales-transfer-millions-of-dollars-b">Dogecoin Whales Transfer Millions Of Dollars</h2>
Whale Alert showed whales moving large transfers to and from Binance, Robinhood, and unknown wallets totaling more than 1.88 billion Dogecoin. Large transfers kickstarted on the first day of the month <a href="https://x.com/whale_alert/status/1741620728800186394?s=20" target="_blank" rel="noopener noreferrer nofollow">with a transfer</a> of 56.9 million DOGE worth $5.079 million to Coinbase. The tracker reported a flurry of large transfers on January 3, starting with <a href="https://x.com/whale_alert/status/1742607318963847622?s=20" target="_blank" rel="noopener noreferrer nofollow">a transfer of</a> 82 million DOGE worth $6.74 million to Robinhood. In less than 15 minutes, another whale wallet <a href="https://x.com/whale_alert/status/1742610737942462752?s=20" target="_blank" rel="noopener noreferrer nofollow">made a transfer</a> of 102 million DOGE tokens worth $8.4 million to Robinhood. Hours later, a <a href="https://x.com/whale_alert/status/1742660607453647163?s=20" target="_blank" rel="noopener noreferrer nofollow">reverse transaction</a> occurred, with 151 million DOGE tokens worth $12.4 million making their way out of Robinhood to a private wallet.
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 56,999,997 <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#DOGE</a> (5,079,422 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Coinbase</a><a href="https://t.co/wgcGKHIbpR" target="_blank" rel="noopener noreferrer nofollow">https://t.co/wgcGKHIbpR</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1741620728800186394?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 1, 2024</a>
</blockquote>
Whale transfers continued into January 4 with hundreds of millions of DOGE in each transfer. The <a href="https://x.com/whale_alert/status/1742790148381643220?s=20" rel="noopener noreferrer nofollow">first transaction</a> of the day was 300 million DOGE worth $24.6 million sent from an unknown wallet to crypto exchange Binance. Hours later, 307 million DOGE worth $25.4 million <a href="https://x.com/whale_alert/status/1742916355626868869?s=20" rel="noopener noreferrer nofollow">were exchanged</a> between unknown wallets. At the same time, another alert revealed that unknown wallets had participated in the exchange of 883 million DOGE tokens, which had a total value of $72.9 million.
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 300,000,000 <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#DOGE</a> (24,629,096 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Binance</a><a href="https://t.co/M3WBb9bPOW" target="_blank" rel="noopener noreferrer nofollow">https://t.co/M3WBb9bPOW</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1742790148381643220?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 4, 2024</a>
</blockquote>
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 307,491,734 <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#DOGE</a> (25,401,703 USD) transferred from unknown wallet to unknown wallet<a href="https://t.co/Cc0joaL1Nf" target="_blank" rel="noopener noreferrer nofollow">https://t.co/Cc0joaL1Nf</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1742916355626868869?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 4, 2024</a>
</blockquote>
<a href="https://x.com/whale_alert/status/1742916334344655174?s=20" target="_blank" rel="noopener noreferrer nofollow">https://x.com/whale_alert/status/1742916334344655174?s=20</a>&nbsp;
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 883,016,276 <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#DOGE</a> (72,931,469 USD) transferred from unknown wallet to unknown wallet<a href="https://t.co/BdMsUHqe2t" target="_blank" rel="noopener noreferrer nofollow">https://t.co/BdMsUHqe2t</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1742916334344655174?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 4, 2024</a>
</blockquote>
<h2 id="b-possible-explanation-behind-the-whale-transfers-b">Possible Explanation Behind The Whale Transfers</h2>
The whale activity comes against the backdrop of the planned mission to take DOGE to the moon. The planned mission called DOGE-1 was paid exclusively with Dogecoins and initially planned to take place in December 2023. However, Intuitive Machines, the company behind the launch in partnership with Space X, postponed the launch date to sometime in mid-February 2024.
The launch of DOGE-1 mission was first <a href="https://x.com/elonmusk/status/1391523807148527620?s=20" target="_blank" rel="noopener noreferrer nofollow">announced by Elon Musk</a> on Twitter (now called X) on May 9, 2021, and has since been approved by the NTIA and FCC. The main purpose of the mission is to broadcast art inspired by Dogecoin on the Doge-1 satellite, which will be orbiting the Moon. The satellite will be carried by a Space X rocket and the Dogecoin-inspired art will be broadcast to Earth. It’s been anticipated that the mission, if eventually carried out, will contribute to a DOGE price surge.&nbsp;
<blockquote class="twitter-tweet">
 SpaceX launching satellite Doge-1 to the moon next year
 – Mission paid for in Doge – 1st crypto in space – 1st meme in space
 To the mooooonnn!!<a href="https://t.co/xXfjGZVeUW" target="_blank" rel="noopener noreferrer nofollow">https://t.co/xXfjGZVeUW</a>
 — Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1391523807148527620?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 9, 2021</a>
</blockquote>
The price of DOGE has reacted negatively to the movements, as <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-volume-190-doge-price/" target="_blank" rel="noopener noreferrer nofollow">the crypto is down</a> by double digits in the past week. At the time of writing, DOGE is trading at $0.07973, down by 12% in a 7-day timeframe.
Featured image from iStock

Dogecoin Whales Are Moving Millions Of Dollars – Here’s Why

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