Once a prominent fixture in the top 10 cryptocurrencies by market capitalization, Dogecoin, the OG meme coin, has slipped from that esteemed ranking. Yesterday, a notable transaction of a staggering 72.2 million Dogecoin (DOGE) has been whisked away from Robinhood to an undisclosed wallet. The transaction from the crypto exchange amounts to approximately $5.86 million. This big transfer adds to a bunch of important moves of the meme-inspired digital currency that happened in the last month.
The recent substantial transactions
Just within the last 24 hours, several substantial Dogecoin transactions have surfaced. Including the transfer of 100 million DOGE valued at $8.27 million and another of 150 million DOGE worth $12.4 million, both migrating from Robinhood to mysterious destinations. These transactions contribute to a larger pattern of Dogecoin activity observed recently.
It’s worth noting that these sizable transfers aren’t isolated incidents. On February 10th, a transfer of 150 million DOGE, equivalent to $12.22 million, flowed from an unidentified wallet into Robinhood’s coffers. Additionally, on February 9th, a notable 63.7 million DOGE, valued at $5.2 million, journeyed from Bittrex to an unknown wallet.
Earlier in the month, Robinhood seemed to be a focal point for Dogecoin activity, with transfers of 100 million DOGE ($7.83 million) and 103.3 million DOGE ($7.91 million) arriving from undisclosed sources.
Dogecoin dynamics and the global market
Turning our attention to the current state of the Dogecoin market, as per real-time updates, the price stands at $0.08176, experiencing a slight decline of 0.86% over the past day. The market capitalization sits at $11.7 billion, with a 24-hour trading volume of $397.53 million. Notably, the circulating supply of Dogecoin amounts to 143.07 billion DOGE.
In a broader landscape, the global market cap is reported to be $1.86 trillion, registering a modest 0.46% decrease over the last day. The total crypto market volume for the past 24 hours is $73.95 billion, reflecting a 9.52% decrease. Within this sphere, the volume of decentralized finance (DeFi) stands at $5.62 billion, constituting 7.59% of the total crypto market volume.
Stablecoins, on the other hand, account for $67.59 billion in volume, representing a significant 91.41% share of the total crypto market 24-hour volume. As for Bitcoin, the dominant cryptocurrency, its market dominance currently stands at 52.32%, showing a slight decrease of 0.15% over the day.
