Cryptocurrency moved 450 million DOGE for almost nothing

On Tuesday, January 31, an anonymous crypto whale moved more than 450 million DOGE tokens worth $ 40.5 million. He paid only 1.01 DOGE in fees for the transaction, which is less than $ 0.09. Dogecoin Whale Alert, a cryptocurrency monitoring service, was the first to record the transaction. Analysts pointed out that the meme coins were moved from one of the largest crypto wallets DOGE to another anonymous account.

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450,000,000 $DOGE ($ 40,536,900 USD) was transferred from a #Top20 wallet to an unknown wallet.

Fee: 1.01 ($ 0.09 USD)

Tx: t.co/tvk25UbMcA#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews

— Dogecoin Whale Alert (@DogeWhaleAlert) January 31, 2023

Dogecoin Whale Alert suggested that the funds could belong to either one of the cryptocurrency exchanges that decided to keep the assets on a cold wallet or a large investor who is moving their virtual coins. Interestingly, the transaction took place shortly after the price of the meme coin jumped due to Elon Musk’s tweet about the integration of crypto payments on Twitter. DOGE often reacts to news related to the billionaire by rising or falling. Thus, the digital asset jumped by 22% before Musk acquired Twitter.

It is noteworthy that meme cryptocurrency mining is considered more profitable than bitcoin mining. In mid-January, CoinWarz researchers calculated that electricity costs for DOGE mining are $ 8.22 per day, and for BTC mining — $ 7.22. However, meme-coin miners receive a profit of $ 12.94 per day compared to the daily profit of $ 3.58 for BTC, making DOGE more profitable by 267%.

We would like to add that at the time of writing, DOGE has dropped by almost 2% and is trading at $ 0.09. The asset’s market capitalization is $ 12.7 billion.