Whale Buy 200 Million DOGE In One Transaction

Investors have bought large amounts of Dogecoin in recent days. (Photo; Doc. Unsplash)

JAKARTA An interesting event occurred in the crypto world this week. A large investor, often referred to as a whale, bought Dogecoin worth more than 38 million US dollars (equivalent to Rp577 billion) in the last three days, making him one of the richest DOGE owners in the world.

On Tuesday, the whale bought 200 million DOGE, and then added 250 million other assets as of Thursday morning. Currently, the whale has more than 709.2 million Dogecoins worth more than 60 million US dollars (Rp912 billion), making it the 20th largest DOGE wallet in the world.

Although the price of Dogecoin has fallen by almost 5 percent in the past day, the 10th-ranked crypto asset by market cap is still up more than 5 percent in the past week and up about 22 percent since early 2023.

This increase comes as social sentiment increases around Dogecoin, according to crypto analytics company Santiment. However, keep in mind that this very positive and euphoric sentiment on crypto assets could actually be a sign of bearish or indicate that asset prices will fall.

However, it is undeniable that Dogecoin has reached a significant level of popularity, especially after gaining support from well-known figures, including Elon Musk. Although many view Dogecoin as an asset that is not serious, big investors like the crypto whale provide indications that some people see investment value in this asset.

Although the price of Dogecoin has fallen more than 88% from an all-time high in May 2021, some market observers still show optimism for the future of this asset.