The creator of one of the biggest and most popular meme coins on the market, Billy Markus highlights an enormous transaction made by a top-20 DOGE whale, who moved an enormous 450 million coins worth approximately $40 million.
What makes this transaction particularly noteworthy is the fee that was attached to it. At only 1.01 DOGE, which translates to $0.09, it highlights the efficiency and low cost of transactions within the Dogecoin network. This is a major advantage for those who use DOGE as a currency for day-to-day transactions and also for those who are looking to transfer large sums of money without having to worry about excessive transaction fees.
Fee: 1.01 ($0.09 USD)
— Ðogecoin Whale Alert (@DogeWhaleAlert) January 31, 2023
It is unclear who was behind this transfer, but it is likely that it was conducted by a large DOGE holder rather than an exchange or an OTC desk, suggesting the transactional behavior of the wallet. This transfer, along with a low transaction fee, shows that the Dogecoin network is operating smoothly, and the overall infrastructure is robust enough to handle substantial transfers.
Despite being seen by some as a meme-inspired cryptocurrency, Dogecoin has a substantial following and is widely traded on cryptocurrency exchanges and has been showing relatively stable performance on the market in comparison to more “serious” assets that try to place themselves as more intrinsically valuable cryptocurrencies.
The creator of the coin that got moved suddenly also reacted to the occurrence of the large transaction with a laconic “Holy Macaroni.” Unfortunately, the account that shared the initial transaction decided to block the DOGE creator, for whatever reason.
At press time, Dogecoin is trading at $0.09 with a 7% price increase in the last 24 hours.