Crypto whales move over $130 million Dogecoin (DOGE) and XRP as this week’s crypto markets grew stale. An anonymous wallet sent to an unnamed wallet 300 million DOGE, totaling more than $41.8 million.
Early this week, an anonymous wallet sent to another unnamed wallet 150 million DOGE, totaling more than $20.7 million, according to blockchain tracking service Whale Alert.
Crypto whales move massive batches of XRP
Huge amounts of cryptocurrency have also been moved by XRP crypto whales as the case between Ripple and the U.S. Securities and Exchange Commission (SEC) changes course. An unidentified wallet deposited through the cryptocurrency exchange Bitstamp 60 million XRP valued at more than $28.03 million.
A short while afterward, Bitstamp issued a different, unidentified wallet with more than 60.9 million XRP, worth more than $28.4 million.
A few months ago, in less than 48 hours, Whale Alert recorded six transactions totaling 263 million XRP, which at the time of the transfers was valued around $130.65 million.
The transfers include:
DOGE first began to move last week after it was reported that tech tycoon Elon Musk, one of Dogecoin‘s most ardent backers, had effectively acquired control of social media behemoth Twitter.
Elon Musk’s Twitter takeover boosts DOGE price by whales
Elon Musk, the CEO of Tesla and a business magnate, is adding another tech behemoth to his expanding empire of businesses, which encourages Dogecoin (DOGE) to maintain the rally it started earlier this week.
The announcement drove the widely used meme token DOGE skyrocketing once more; it increased by nearly 12% from a 24-hour low of $0.0729 to $0.0877. After it was revealed that Musk visited Twitter’s headquarters in San Francisco the day before he closed the mammoth $44 billion deal, Dogecoin recently experienced a rally.
During that period, DOGE had a 14.8% rise, rising from $0.063 to a seven-day high of $0.072. In the past, Musk had declared that payments had largely become digital and that Twitter ought to support them.
Why do crypto whales move huge sums?
On-chain analysis of blockchain transactions tracks crypto whale trades. Since the blockchain is a public ledger transaction values and block sizes are visible to those who provide tracking services like Whale Alert. A high transaction value indicates a large amount of currency has changed hands. Whales can manipulate the market with their massive wealth.
Sell walls decrease a coin’s price, allowing crypto whales to make cheap purchases. Buy walls force investors to increase the price of a coin that a whale owns. So, what can a small investor do to profit from a volatile market? The price movements in the cryptocurrency market tell you a lot about the future. Price predictions are the main game in cryptocurrency; if you are good at it, you can make millions of dollars.
If you want to learn more about crypto investing, here’s a good way to start. Whether a professional or an amateur in the cryptocurrency market, learning correctly is a game that never gets old.