Over the past week, the Dogecoin (DOGE) exchange rate has strengthened by almost 5% to $0.088.
However, the night before, altcoin began to lose value. It still ranks ninth in the ranking of the largest digital currencies.
The capitalization of DOGE is $11.677 billion. Altcoin risks leaving the top-10, as large investors are preparing to start selling it in the near future.
The alarm signal is indicated by the WhaleAlert service. According to him, an unknown wallet sent 57,056,400 DOGE (worth about $ 5 million) to the Coinbase exchange.
In the case of the implementation of this cryptocurrency, whale can provoke a chain reaction in the market.
Other large holders of DOGE may also start selling, which will lead to a drop in the value of asset.
At the end of December, Dogecoin was trading at $0.067. Investments in this cryptocurrency began to grow in January. Whales bought not only Bitcoin and Ether, but also altcoins with medium capitalization, such as Dogecoin, Cardano and Polygon.
According to WhaleStats, DOGE turned out to be one of the most popular virtual currencies among whale addresses. In 14 days, thanks to their support, the Dogecoin rate soared by more than 20%.