A Dogecoin (DOGE) whale recently offloaded significant portions of their DOGE holdings in an act of profit-taking. This action has negatively affected the meme coin’s price, which has been on a downward trend since then.
Dogecoin Whale Offloads 86 Million DOGE
On-chain data shows that the crypto trader deposited 86 million DOGE into the crypto exchange Robinhood in an effort to profit from the meme coin’s recent price surge. The whale, however, looks to be bullish on the meme coin in the long term, as they have since repurchased a significant amount of DOGE and still hold a substantial amount of it.
Meanwhile, due to the size of such a sale, the price of Dogecoin has since dipped and is currently on a downward trend. Before now, Dogecoin and other meme coins had led other altcoins, making significant gains in these past few weeks. As such, it is understandable that the Dogecoin whale in question seized the opportunity to take some profits.
This week has been one of profit-taking from the meme coin ecosystem. Bitcoinist reported on Shiba Inu (SHIB) and PEPE whales that earned a realized gain of $48.105 million and $3.364 million from offloading their meme coin holdings.
This wave of profit-taking has partly contributed to the significant drop in the prices of the foremost meme coins, DOGE and SHIB, with both crypto tokens down over 6% and 18% in the last seven days.
However, Solana-based meme coins have upheld the broader meme coin ecosystem, with these crypto tokens pulling astonishing numbers for crypto investors. Book of Meme (BOME) stands out, seeing the growth that it has recorded since launching just this week. It rose to a $1 billion market cap and has been listed on major crypto exchanges.
Total crypto market cap is currently at $2.5 trillion. Chart: TradingView
More Profit Taking From Meme Coin Traders
On-chain analysis platform Spot On Chain revealed in an X (formerly Twitter) post a crypto trader who recently made millions of dollars from their SHIB investment. This trader had purchased 1.741 trillion SHIB (average price of $0.000009272) for $16.146 million and sold all of them for $39.668 million (average price of $0.00002278), realizing a gain of $23.5 million.
This same trader is also said to have just realized $46.53 million in profits from FLOKI and BIGTIME. Meanwhile, Spot On Chain noted that smart traders, including MakerDAO founder Rune Christensen, have taken profits from SHIB in the past week, which has caused it to dip significantly.
Featured image from Pixabay, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source link