On-chain information from whale transaction tracker Whale Alerts has revealed a number of transfers of Dogecoins altering palms between unknown whales and crypto exchanges Binance and Robinhood. Massive whale transfers resembling this one, which collectively amounted to 1.88 billion DOGE tokens all through the week, are inclined to catch traders’ consideration over their motives. However this elaborate shuffle between whales might be attributed to the approaching DOGE-1 house mission to take Dogecoin to the moon.

Dogecoin Whales Switch Hundreds of thousands Of {Dollars}

Whale Alert confirmed whales transferring giant transfers to and from Binance, Robinhood, and unknown wallets totaling greater than 1.88 billion Dogecoin. Massive transfers kickstarted on the primary day of the month with a switch of 56.9 million DOGE value $5.079 million to Coinbase. The tracker reported a flurry of huge transfers on January 3, beginning with a switch of 82 million DOGE value $6.74 million to Robinhood. In lower than 15 minutes, one other whale pockets made a switch of 102 million DOGE tokens value $8.four million to Robinhood. Hours later, a reverse transaction occurred, with 151 million DOGE tokens value $12.four million making their manner out of Robinhood to a personal pockets.

🚨 56,999,997 #DOGE (5,079,422 USD) transferred from unknown pockets to #Coinbasehttps://t.co/wgcGKHIbpR

— Whale Alert (@whale_alert) January 1, 2024

Whale transfers continued into January four with tons of of tens of millions of DOGE in every switch. The first transaction of the day was 300 million DOGE value $24.6 million despatched from an unknown pockets to crypto change Binance. Hours later, 307 million DOGE value $25.four million had been exchanged between unknown wallets. On the similar time, one other alert revealed that unknown wallets had participated within the change of 883 million DOGE tokens, which had a complete worth of $72.9 million.

DOGE market cap presently at $11.486 billion. Chart: TradingView.com

🚨 300,000,000 #DOGE (24,629,096 USD) transferred from unknown pockets to #Binancehttps://t.co/M3WBb9bPOW

— Whale Alert (@whale_alert) January 4, 2024

🚨 🚨 307,491,734 #DOGE (25,401,703 USD) transferred from unknown pockets to unknown wallethttps://t.co/Cc0joaL1Nf

— Whale Alert (@whale_alert) January 4, 2024

https://x.com/whale_alert/standing/1742916334344655174?s=20 

🚨 🚨 🚨 883,016,276 #DOGE (72,931,469 USD) transferred from unknown pockets to unknown wallethttps://t.co/BdMsUHqe2t

— Whale Alert (@whale_alert) January 4, 2024

Potential Rationalization Behind The Whale Transfers

The whale exercise comes in opposition to the backdrop of the deliberate mission to take DOGE to the moon. The deliberate mission referred to as DOGE-1 was paid completely with Dogecoins and initially deliberate to happen in December 2023. Nevertheless, Intuitive Machines, the corporate behind the launch in partnership with House X, postponed the launch date to someday in mid-February 2024.

The launch of DOGE-1 mission was first introduced by Elon Musk on Twitter (now referred to as X) on Could 9, 2021, and has since been accepted by the NTIA and FCC. The principle goal of the mission is to broadcast artwork impressed by Dogecoin on the Doge-1 satellite tv for pc, which shall be orbiting the Moon. The satellite tv for pc shall be carried by a House X rocket and the Dogecoin-inspired artwork shall be broadcast to Earth. It’s been anticipated that the mission, if finally carried out, will contribute to a DOGE value surge. 

SpaceX launching satellite tv for pc Doge-1 to the moon subsequent 12 months

– Mission paid for in Doge
– 1st crypto in house
– 1st meme in house

To the mooooonnn!!https://t.co/xXfjGZVeUW

— Elon Musk (@elonmusk) May 9, 2021

The worth of DOGE has reacted negatively to the actions, as the crypto is down by double digits up to now week. On the time of writing, DOGE is buying and selling at $0.07973, down by 12% in a 7-day timeframe.

Featured picture from iStock