Top-Tier Dogecoin (DOGE) Wallet Receives Million of DOGE, Could It Be Sign of Selling?

Dogecoin, the popular meme currency, has seen a series of large transfers worth approximately $10 million, but the destination of the funds remains a mystery. The last transaction received by the Dogecoin whale contained $883,000 worth of DOGE coins and marked the end of a series of large transfers.

Timeline of Dogecoin

A pseudonymous crypto analyst said on Twitter that he is confident that Dogecoin (CRYPTO: DOGE) is about to ‘rage pump'. What Happened: At the time of writing, DOGE was trading at $0.088, down 3.79% in the last 24 hours.

Meme coins have been around for a long, but they acquired popularity and attention in 2021, when celebrities like Elon Musk and Mark Cuban pushed Dogecoin, the first meme coin, which was launched in 2013. Numerous meme currencies have emerged since then.

Alex McCurry, the CEO of Solidity.io — a blockchain-based platform for smart contract audit and token development — has taken a potshot at Dogecoin, Shiba Inu, and other meme-inspired cryptocurrencies. 

While there has been encompassing growth in the broader digital currency ecosystem today, the price action of Polygon (MATIC) is showing the possibility that Dogecoin (DOGE) may be flipped soon. According to data from CoinMarketCap, Polygon is currently changing hands at $1.31, up by 5.78% over the past 24 hours and by 19.36% in the past week.

Elon Musk, the new face at Twitter, has hinted at different instances of integrating crypto payments. Given the anticipation and past relationships, Dogecoin (DOGE) sees more holders jumping on the DOGE bandwagon.

A Dogecoin (DOGE) wallet is suddenly re-awakening after more than nine years of hibernation to realize a massive increase in the value of its holdings. According to data from crypto whale tracker Whale Alert, the dormant address, which was holding 2,043,137 DOGE, unloaded the tokens over the weekend to pocket exponential gains.

Yilong Ma, the internet's new celebrity, is making waves on social media and TikTok for his uncanny resemblance to Dogecoin (CRYPTO: DOGE) proponent and billionaire entrepreneur Elon Musk.  What Happened: In a viral TikTok video, Ma, a Chinese doppelganger of Musk, can be seen in a fit of car rage while rejecting cash, but his anger instantly dissipates when the offer of DOGE is put forward.

On Feb. 8, Alex McCurry, the founder of Solidity.io, a blockchain development firm, took to Twitter to call Shiba Inu, Dogecoin and other dog-inspired cryptocurrencies "garbage."

Twitter's new model rollout fuels speculation that payment integration is being accelerated.  Once payment is implemented, Dogecoin supporters are anticipating a long awaited price rally.

Check Point Research (CPR), an IT security company, has raised concerns about the Dingo (DINGO) token. The Dogecoin offshoot is sitting in #774th place on crypto ranking website CoinMarketCap with a total market capitalization of $10.9 million.