A Dogecoin ($DOGE) whale has moved a whopping $29.6 million worth of the meme-inspired cryptocurrency for a transaction fee of little over $0.11, as it cost the whale 1 DOGE. The funds were moved across a series of transactions but do not appear to have been sent to an exchange.
According to data from a Dogecoin blockchain explorer, the whale moved their funds several times afterward and they are now parked at a previously unknown address. The whale’s original transaction moving nearly 263 million DOGE cost them only around $0.11 in fees, which is the price the meme-inspired cryptocurrency is currently trading for.
The whale’s large transaction was first reported on by Benzinga, which noted that it came at a time in which the cryptocurrency market has been shaken by significant geopolitical and economic forces, and that the transaction comes after DOGE whales made 118 transactions worth over $2 million in a single day.
These whale transactions started surging shortly after Tesla CEO Elon Musk revealed on social media that he still owns and “won’t sell” his cryptocurrency holdings, which include Bitcoin ($BTC), Ethereum ($ETH), and DOGE.
To Musk, physical assets like real estate or stock in companies people believe “make good products” should be preferable to fiat currencies like the U.S. dollar when inflation rises. Musk’s comment came shortly after he revealed Tesla and SpaceX are “seeing significant recent inflation pressure in raw materials & logistics.”
The movements notably also come at a time in which the cryptocurrency market appears to be recovering. The MVIS CryptoCompare Digital Assets 10 Index, a “modified market cap-weighted index which tracks the performance of the 10 largest and most liquid digital assets,” is up over 2.7% in the last 24-hour period.
Late last year, as CryptoGlobe reported, Musk revealed he believes DOGE is better for transactions than other cryptoassets like BTC. At the time, Musk said bitcoin’s transaction volume is low while its cost per transaction is high, making it more suitable as a store of value. Being a store of value means investors want to hold onto their BTC and not sell it or move it in transactions.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash