Dogecoin’s largest holder has transferred over $3 billion DOGE tokens worth roughly $280 million, making it one of the largest single-day transfers since the wallet’s creation, data from BitInfoCharts showed.
The largest DOGE holder [DPDL…SBgZ] transferred 3.841 billion DOGE [$280 m] to the address DDuXGMFNGpGjaAqyDunSMvceMBruc1wwKF today, and DDuXG is already the fifth largest DOGE holder. These transfers are also the largest single-day transfers since DPDL…SBgZ was created.
This comes after the outcome of Elon Musk’s most recent Twitter poll, in which the majority of respondents favored his resignation as the platform’s CEO.
Dogecoin, known as the OG meme coin rallied ever since the former richest man in the world and DOGE proponent bought Twitter in October this year.
Data from CoinGecko showed that on October 27, Dogecoin was worth $0.07, the day Musk formally acquired Twitter. Dogecoin peaked on November 1 at $0.14 and has since fallen and risen in value.
But even the price of Dogecoin is still significantly lower than it was in May 2021, just before Elon Musk’s appearance on Saturday Night Live, when it reached an all-time high of $0.73. However, the coin had lost more than 90% of its value by June 2022.
At the time of writing this article, the token’s value dropped more than 20% in a span of 7 days and is currently exchanging hands at $0.07.
Despite its price downtrend, a report by Bloomberg found that Dogecoin’s value has reached almost $9 billion, surpassing Coinbase’s market cap of $8 billion.
Dogecoin’s Market Cap Is Now Ahead Of Coinbase’s
Jacob Sansbury, chief executive officer at online trading platform Pluto, has a different take on the contrasting market caps.
“I don’t think there’s a tremendous amount of substance to be gleaned from the fact that Dogecoin has surpassed Coinbase in terms of market capitalization – except to say that the crypto market is very much in flux right now,” he said.
“It’s in such flux that good projects are down bad while sillier ones are doing relatively well.”
Nevertheless, the disparity indicates how a cryptocurrency asset that few people take seriously may outperform the shares of the biggest public digital asset exchange in the United States, even if it has no direct bearing on the fundamental value of either project.
Meanwhile, the eighth-largest digital currency has recently achieved a new milestone with the largest whales on the Binance Smart Chain.