Cryptocurrency Whale Transfers $1bln Worth DOGE for a Fee of Just $0.76
According to new statistics, a Dogecoin (DOGE) whale recently moved approximately $1 billion in cryptocurrency despite only paying a fraction of a cent in transaction fees. In one transaction, the deep-pocketed crypto investor transferred $973.01 million worth of DOGE to two distinct wallets, according to DogeChain, a blockchain explorer for the Dogecoin cryptocurrency network.
The first wallet amassed 80 million DOGE, which was worth $13.78 million in total. A second wallet was rewarded with 5.3 billion DOGE, which is worth $913.09 million dollars. According to the most recent available information, the transfer of 5.3 billion DOGE has the status “not yet redeemed,” suggesting that the transaction has not yet been completed.
Despite the fact that the transaction was valued hundreds of millions of dollars, the Dogecoin whale only paid 4.49 DOGE in transaction fees, which amounted to $0.76 at the time of writing. According to BitInfoCharts, the crypto whale who launched the enormous transfer was the owner of the second-largest Dogecoin wallet in existence at the time of the transaction.
As a result of the outbound transaction, the enormous wallet was demoted to the 48th-largest Dogecoin address, despite the fact that it currently has almost 236 million DOGE worth over $40.8 million. DOGE is held by a crypto investor that owns 0.1785 percent of the total supply of the cryptocurrency.
After tech billionaire and Tesla CEO Elon Musk said last week that the electric vehicle maker will accept Dogecoin payments for certain things, the price of the famous dog-themed joke currency skyrocketed, but it is yet unclear which items would be available for purchase in DOGE.
Business giant Warren Buffett believes that DOGE is a superior payment method when compared to Bitcoin. Buffett was just named Time Magazine’s “Person of the Year” for 2021.
“The overall transaction flow that you can perform with Dogecoin is far more than… for example, the number of transactions per day [on Dogecoin] is significantly larger than, and it has significantly greater potential than Bitcoin. [Dogecoin] is mildly inflationary, however the inflationary amount is a fixed number rather than a percentage, indicating that the currency is not a bubble. As a result, over time, the percentage inflation rate actually lowers for the country. In fact, this is beneficial since it encourages individuals to use their money rather than hoarding it as a store of wealth.”
Dogecoin’s price rose from $0.15 to $0.21 in under two hours on December 14th as a result of Musk’s statement, representing a 40% increase. As of this writing, DOGE has steadied and is presently trading at $0.17, a 19 percent down from its seven-day high of $0.21 and a 26 percent decline from its 30-day high of $0.23.