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300 Million DOGE Moved in Recent Hours as Dogecoin Loses 20%

9 Nov, 20222 min readAltcoins
300 Million DOGE Moved in Recent Hours as Dogecoin Loses 20%

According to WhaleAlert, 300 million DOGE worth $26,515,678 were moved between wallets in recent hours. In the past week, over $1 billion worth of Dogecoin was moved, as reported by U.Today.

🚨 300,000,000 #DOGE (26,515,678 USD) transferred from unknown wallet to unknown wallet— Whale Alert (@whale_alert) November 9, 2022

Dogecoin has posted significant losses over the past 24 hours, per data from CoinGecko. DOGE has lost over 20% in value over the past 24 hours and is trading around $0.082 at the time of publication. Dogecoin has erased gains from Elon Musk's Twitter-fueled rally, falling 38.65% in the last seven days.

Despite heavy losses, DOGE is still up 30.8% over the past 30 days. The canine crypto saw intense trading that increased its daily trading volumes across several exchanges to $3.3 billion, a 75.67% increase from the day before.

With a market capitalization of $10.93 billion, DOGE now ranks as the ninth largest cryptocurrency. Over $23 million worth of Dogecoin futures positions were liquidated over the past 24 hours, per data from Coinglass. Most liquidations were from blown-out long trades.

Market sell-off

As the FTX contagion spread to the broader crypto market, cryptocurrency prices fell. According to recent reports, as insolvency fears grip crypto investors in the wake of contagion risks from liquidity problems at FTX, crypto exchanges are now rushing to publicly reveal their fund reserves.

Why when we got proof of reserves for BSC-Doge (Binance’s wrapped Doge for the very centralized BSC network) it was a just-established wallet with no history?The future matters; but admitting errors made in the past, explaining things convincingly, helps build a better future.— Mishaboar (@mishaboar) November 8, 2022

Changpeng "CZ" Zhao, the founder of cryptocurrency exchange Binance, asked exchanges to offer "proof-of-reserves" in the wake of yesterday's events involving FTX and Binance.

Dogecoin recently got its "proof of reserves" on Binance, as reported by U.Today, following the community's persistent push for it.

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