Crypto whales moved more than $130 million in Dogecoin (DOGE) and XRP as the crypto markets turned stale this week. An anonymous wallet sent 300 million DOGE to an unknown wallet, totaling over $41.8 million.
Earlier this week, an anonymous wallet sent 150 million DOGE to another unnamed wallet, totaling more than $20.7 million, according to blockchain tracking service Whale Alert.
Crypto whales move large amounts of XRP
As the case between Ripple and the U.S. Securities and Exchange Commission (SEC) changed, XRP cryptocurrency whales also moved large amounts of cryptocurrency. An unidentified wallet deposited 60 million XRP worth over $28.03 million via cryptocurrency exchange Bitstamp.
Shortly after, Bitstamp released a different, unidentified wallet containing over 60.9 million XRP worth over $28.4 million.
A few months ago, in less than 48 hours, Whale Alert recorded six transactions totaling 263 million XRP, worth about $130.65 million at the time of transfer.
The transfer includes:
DOGE made its first move last week after reports that one of Dogecoin’s most ardent backers, tech mogul Elon Musk, had effectively taken control of social media giant Twitter.
Elon Musk’s Twitter takeover boosts DOGE prices for whales
Tesla CEO and business magnate Elon Musk is adding another tech giant to his expanding business empire, encouraging Dogecoin (DOGE) to maintain a rally that began earlier this week .
The announcement propelled the widely used meme token DOGE to another surge; it rose nearly 12% to $0.0877 from a 24-hour low of $0.0729. Dogecoin recently experienced a rally after Musk visited Twitter’s San Francisco headquarters a day before it was revealed that he completed the massive $44 billion deal.
During the period, DOGE gained 14.8%, from $0.063 to a 7-day high of $0.072. In the past, Musk has claimed that payments have become largely Crypto, and that Twitter should support them.
Why do cryptocurrency whales move huge sums of money?
On-chain analysis of blockchain transactions tracks cryptocurrency whale transactions. Since the blockchain is a public ledger, transaction values and block sizes are visible to those who provide tracking services such as Whale Alert. A high transaction value indicates that a large amount of currency has changed hands. Whales can manipulate the market with enormous wealth.
The sell wall lowers the price of the coin, allowing cryptocurrency whales to make cheap purchases. The buy wall forces investors to raise the price of coins owned by whales. So what can small investors do to profit from volatile markets? The price action of the cryptocurrency market tells you a lot about the future. Price prediction is crypto’s main game; if you’re good at it, you can make millions.
If you want to learn more about cryptocurrency investing, this is a great way to start. Whether it’s a cryptocurrency market professional or a hobbyist, learning it right is a game that never goes out of style.
Source of information: Compiled from CRYPTOPOLITAN by 0x Information.The copyright belongs to the author Lewis Guantai, and may not be reproduced without permission