Whale moves over $157M DOGE in the middle of a depressed meme market

A whale that has been accumulating Dogecoin since March 2021 moved the entire holdings of their wallet, of over $157M. The funds were sent in batches to unknown addresses, amid a weak meme market. 

A Dogecoin whale moved all the funds from a large-scale wallet, distributing over $157M in a series of transactions. The Dogecoin was sent out from an unknown high-balance address into new addresses, with no shifts to exchanges. 

The whale started accumulating Dogecoin in 2021, with regular daily transfers. Inflows to the wallet continued until March 4, then the wallet holder started moving the funds out. The whale’s wallet received repeating test transactions of 0.01 DOGE, followed by inflows of 4M to 5M DOGE. 

The pattern of transactions suggests the wallet may belong to a miner. Dogecoin produces 10,000 new coins every 2 minutes, so the transactions match with a significant daily share of DOGE production. 

Since Dogecoin is infinitely inflationary, miners can choose to take profits. Dogecoin is also co-mined with Litecoin, meaning miners are not under pressure, retaining pure gains from the additional assets. 

The recent whale activity also coincided with a period where large-scale holders virtually disappeared. Volume from whale wallets is down by 88%, suggesting early traders may have cashed out, or are not interested in trading. 

The move comes after a three-month losing streak for DOGE, where the leading meme token returned to $0.19. DOGE is a widely transacted and traded token, with still no serious utility or staking. The price of DOGE is known for its rapid rallies, though recently, the asset has stopped responding as eagerly to US political narratives. 

DOGE retains over $1B in daily trading volumes, and remains one of the memes with the biggest market depth. The recent whale’s share could easily be absorbed within hours as needed.

In the long term, DOGE remains in the hands of large-scale holders. The top 10 addresses hold over 45% of all coins, while the leading address carries 19.45% of the supply. Most of the early whales and miners may be in the money, with no immediate pressure to sell. 

DOGE has the biggest share of the meme market

DOGE is bundled up with all new waves of meme tokens, though it represents the biggest and most liquid part of the meme asset market. 

DOGE closely tracks the BTC price moves, with a 0.92 correlation index. Often, DOGE rallies independently or manages to retain stability amid market turmoil. 

DOGE recovered the $0.20 level as of March 7, though the rest of the meme market remains depressed. Meme assets already round-tripped the post-election euphoria, sinking to a total valuation of $58B, of which DOGE makes over $29B.

DOGE miners still achieve peak activity

Litecoin’s mining rate continues to climb to new all-time peaks. The coin is more rewarding to mine, since each block still contains 6.25 coins, along with additional co-mined DOGE. Litecoin miners are not in distress, unlike BTC producers, and can achieve profitability with lower energy. 

The bonus of DOGE keeps miners afloat, with most of the rewards going to F2Pool and ViaBTC. Despite this, DOGE mining sentiment remains uncertain, often with periods of slow activity.

DOGE remains an asset owned for its ironic value. Despite this, DOGE performance historically signals the start of a new altcoin season, with enthusiasm spreading to other assets. This time around, DOGE has lost some of its influence for altcoin enthusiasm, but its activity is closely watched for signals. 

DOGE has also become US-centric, as a big part of its activity depends on Coinbase. However, the asset retains a 13% Korean Won market, with another 16% against Binance’s FDUSD. More than 50% of DOGE trading is against USDT.

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