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

A deep-pocked crypto whale is suddenly moving 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 inactive for nearly two years abruptly awoke and transferred 326,400,000 DOGE, valued at $28.16 million at the time of the transaction.

Lookonchain shows that the wallet accumulated the massive DOGE trove 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 elevated social metrics suggest that the crypto markets could witness a corrective move.

“This pattern of social volume and highly positive sentiment toward Dogecoin perfectly illustrates how euphoria creates price tops.

Regardless of your opinion on DOGE, hype on this asset in particular historically foreshadows market corrections.”

Dogecoin is trading for $0.087 at time of writing, up over 2% in the last 24 hours.

Another recent big transaction that caught Lookonchain’s attention involves a crypto whale gobbling up more than $39 million worth of Dogecoin in the last few days.

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

Generated Image: Midjourney