Largest Dogecoin holder transfers DOGE Worth $280 Million

In the past few years, Dogecoin has grown a visible popularity among crypto whales and individuals as the token's price has climbed significantly. In addition, Dogecoin also became a highly popular blockchain infrastructure, attracting millions of fans, including well-known celebrities.

Dogecoin gained attention through tweets posted by Tesla owner Elon Musk. Musk is recognized as the big daddy of Dogecoin because he is one of Dogecoin's biggest supporters.

In the most recent development, Twitter CEO Elon Musk recently created a poll asking its followers, "should I step down as CEO of Twitter?" The tweet initially led Dogecoin to climb, but the conclusion of the tweet came against Musk.

Dogecoin Whale Moves Almost 4B DOGE Tokens

In a tweet on December 20, Lookonchain, a Web3 analytic tool, revealed that Dogecoin's largest holder "DPDLBA" moved 3.84 billion DOGE worth $280.6 million to address "DDuXGM" today.

On-chain data reveals that "DPDLBA" is the largest Dogecoin holder, accounting for around 25.24% of the total supply. The wallet address has 34.68 billion DOGE, which is worth $2.6 billion. Unexpectedly, the address that received 3.8 billion DOGE became the fifth largest address on the network after the transfer.

One point to be noted here is that neither address is outdated, and both are continuously transacting, which might indicate that at least one of the addresses is linked to a trading or OTC platform that uses the wallet as an operational tool.

However, this is not the only batch of Dogecoin transfers; the community has earlier witnessed massive amounts of Dogecoin transfers in a range of transactions. This indicates that Dogecoin is about to face a significant shift in trade volume or price.

Dogecoin Price Action

According to prominent trader Peter Brandt, Dogecoin is forming the "Here We Go Round the Mulberry Bush" chart pattern.

This means that Dogecoin is currently in the midst of a round trip, indicating that price gains are being followed by losses. The metaphor here emphasizes the notion that DOGE is incapable of progressing since it keeps spinning in circles.

The world's most popular meme token is currently trading below the 50 & 200 MA at a price of $0.07414, and increased by 4.75% in the last 12 hours. The token currently holds a market cap of $10.21 billion and ranks 8th in terms of market valuation.

What are your thoughts on the future of Dogecoin? Do you agree with Peter Brandt's analysis of the token? Share your thoughts in the comment section below.

Read also: DOGECOIN PRICE ANALYSIS CMP- $0.07400: Will the Bulls be able to hold the V-top reversal pattern?