Whale Transfers $997M Of DOGE As Price Breaks Out Towards $0.30

Meme-based cryptocurrency Dogecoin (CRYPTO: DOGE) surged 13% in the last 24 hours and its price began to approach the $0.30 mark.

What Happened: As of Monday morning at publication, DOGE was trading at $0.2804 and its market cap exceeded $37 billion. The coin recorded a 231.63% uptick in daily trading volume which stood at $3.69 billion.

The most significant price action occurred around 3 a.m. EST when the coin surged 8% over a span of 30 minutes.

DOGE’s price rally follows a large value transfer that took place on the network three hours prior. According to data from Blockchair, a whale wallet transferred 3.7 billion DOGE tokens worth over $997 million across the blockchain at 11:47 p.m. EST on Sunday.

The total fee paid for the transaction was 25 DOGE which amounted to $6.70 at the time.

The transaction also represented the single largest crypto transaction sent in the last 24 hours.

In terms of overall market sentiment for DOGE, social-insight tracker LunarCrush recorded a 28% decline in social volume for the meme-based cryptocurrency in the last week.

The coin’s volume on Reddit was down by 100% while mentions on YouTube were down by 50%.

According to on-chain analytics tool Santiment, meme-coins like Dogecoin, Shiba Inu (CRYPTO: SHIB) and Dogelon Mars (CRYPTO: ELON) tend to rally after low levels of attention from crowds.

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