On April 16, 2023, Dogecoin, the meme cryptocurrency with the largest global market cap, drew notable interest from investors. The reason: A major investor, referred to as a “whale,” acquired an impressive 300 million coins. This purchase came on the heels of an upbeat statement about Dogecoin’s upcoming cryptographic project.
Dogecoin Whale Accumulation Ignites Investor Curiosity: What’s Happening?
Significantly, the accumulation of 300 million DOGE coins attracted attention today due to its alignment with Bitmain’s plans to broaden DOGE mining support. The large investor’s acquisition instilled faith in the coin’s potential future, while Bitmain’s announcement fueled optimism and boosted Dogecoin’s price movement. Consequently, Dogecoin, a digital currency based on the dog meme, took on a more positive outlook.
In the last 24 hours, as shown by Whale Alert’s data, a single whale amassed 300 million DOGE through two transactions. The first transaction saw an unidentified whale acquire 150 million DOGE, while the second transaction had the same whale adding another 150 million tokens to their holdings. With a total value of over $46 million, these transactions fueled rumors that the whale may have insider information about Bitmain’s plans to support Dogecoin mining.
At the same time, Bitmain announced that they will launch the Antminer L9 in May, intending to include Dogecoin mining, along with other cryptocurrencies. The Antminer L9 is designed to support Litecoin (LTC), Bellscore (BEL), and Dogecoin with an energy efficiency of 0.21J/M, representing a significant shift in the crypto market. Additionally, the large-scale accumulation of Dogecoin by whales has further boosted optimism for this digital currency.
The Antminer L9 model is expected to be released in May. It boasts an impressive mining efficiency of 0.21 Joules per Megahash, making it a top choice for mining Litecoin, Dogecoin, and Vertcoin. Keep an eye out for more information coming soon!
— BITMAIN (@BITMAINtech) April 16, 2024
Dogecoin Price Slips, A Rally Ahead?
Currently, the price of Dogecoin’s token has decreased by 5.98% over the last 24 hours and is now priced at $0.154. This decline is mainly due to the pre-halving corrections that have been happening in the wider crypto market recently.
With the recent advancements in DOGE‘s cryptocurrency project and large investors buying up more tokens, there is growing excitement among crypto market fans that the token’s price will significantly increase. Furthermore, as Bitcoin‘s halving event draws near, historical trends suggest that altcoins often follow Bitcoin’s price surge after a rally. This adds to the belief that DOGE’s price behavior may also be positive in the coming days.
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2024-04-16 15:56