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August 10, 2023 1:25 AM | 1 min learn
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An unknown pockets on Wednesday transferred 67.81 million Dogecoin (CRYPTO: DOGE) to the favored cryptocurrency trade, Coinbase.
What Occurred: This implies, over $5 million value of DOGE was transferred, whereas the precise intentions behind this switch stay unknown, however raises the potential of a whale dump.
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This refers to a situation by which a big holder, often called a “whale,” sells a considerable quantity of a cryptocurrency, usually resulting in market fluctuations.
See Extra: A Stay At The Floating Palace From James Bond’s ‘Octopussy’
Why It Issues: Curiously, this growth happens within the backdrop of a authorized battle between Elon Musk, the CEO of Tesla, and a gaggle of disgruntled Dogecoin investors. In a current courtroom look, Musk’s authorized workforce argued that the litigation has dragged on for an extreme interval.
Musk’s affinity for Dogecoin has been well-documented over time. All of it started in April 2019 when Musk tweeted that Dogecoin may very well be his favourite cryptocurrency. Since then, his assist for DOGE has solely gained extra momentum, notably after Musk acquired Twitter.
One notable second on this ongoing saga concerned Twitter quickly changing its emblem with Dogecoin’s iconic Shiba Inu mascot round April Fools’ Day, additional cementing Musk’s affiliation with the cryptocurrency.
Value Motion: On the time of writing, DOGE was buying and selling at $0.075, up 1.50% within the final 24 hours, according to Benzinga Pro.
Photograph Courtesy: Shutterstock.com
Learn Subsequent: Bitcoin, Ethereum, Dogecoin Mixed As SEC Plans To Appeal XRP Ruling: Analyst Says Solana Could Replicate Cardano’s 2019 Bear Market Comeback
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“The Finest Report Benzinga Has Ever Produced”
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