Crypto Whale Moves $28,000,000 in Dormant Dogecoin (DOGE) as Crypto Analytics Firm Details Bearish Signal

An entrenched crypto whale suddenly moves millions of dollars in Dogecoin (DOGE) after holding the top meme coin for about two years.

Blockchain tracking service Lookonchain reveals that a wallet that had been dormant for nearly two years suddenly woke up and transferred 326,400,000 DOGE, worth $28.16 million at the time of the transaction.

Lookonchain shows that the wallet collected the massive DOGE treasure in March 2021.

The big whale move comes as crypto analytics firm Santiment says Dogecoin is signaling bearishness for the broader crypto markets. According to the analytics firm, Dogecoin’s heightened social stats suggest that the crypto markets may be witnessing a corrective move.

“This pattern of social volume and very positive sentiment towards Dogecoin perfectly illustrates how euphoria creates price spikes.

Regardless of your opinion on DOGE, the hype around this asset in particular has historically foreshadowed market corrections.”

Source: Santiment/Twitter

Dogecoin is trading at $0.087 at the time of writing, up more than 2% in the past 24 hours.

Another recent large transaction that caught Lookonchain’s attention involves a crypto whale startled over $39 million worth of Dogecoin in the past few days.

The accumulation makes the address one of the richest DOGE addresses in the world. With a balance of now over 704.2 million Dogecoin worth more than $61 million, the address is the 20th largest DOGE wallet in the world, according to BitInfoCharts.

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