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DOGE Price Set For Rebound? Whale Moves $26 Million In Dogecoin Off Robinhood

The price of Dogecoin has been experiencing a significant amount of bearish pressure in the past few days. This recent decline coincides with a general market downturn, which has seen other large-cap assets like Bitcoin and Ethereum tumble with notable losses.

However, the meme coin’s price might not be down for too long, especially after a major investor executed a massive transaction off a centralized exchange. The transfer, which an on-chain data tracker flagged, has sparked speculations in the DOGE community and could be bullish for the meme coin’s price.

Whale Transfers 150 Million Dogecoin From Robinhood

According to data from blockchain transaction tracker Whale Alert, a substantial amount of Dogecoin has made its way off the Robinhood exchange. In the past day, an outgoing transfer of 150 million DOGE tokens, equivalent to more than $26 million, from the crypto trading platform was spotted on the Dogecoin blockchain.

Given the magnitude of this transaction, it appears that a whale was behind this movement of funds. Whales refer to influential entities or individuals that own or hold significant amounts of a particular cryptocurrency in their wallets (Dogecoin, in this case).

Whales are often perceived as major players in the crypto market, as their buying and selling activities can have a substantial impact on a token’s price. As such, their actions can be worth keeping an eye on, especially as they can lead to speculations and potential market shifts.

This particular transfer, where the Dogecoin whale moved their tokens from an exchange wallet to a self-custodial wallet, is known as an “exchange outflow.” Typically, investors move their assets off trading platforms when they intend to hold onto their coins in the long term, indicating their faith in the future promise of the crypto.

Additionally, the movement of funds off exchanges can sometimes be a signal of fresh accumulation, as some investors prefer to withdraw their tokens immediately after purchase. All in all, considering the large-scale nature of the transfer, the latest movement of Dogecoin tokens off Robinhood might be a bullish proponent for the meme coin’s price.

Meme Coins Facing Turmoil?

As of this writing, the Dogecoin price stands at around $0.1496, reflecting a notable 12% decline in the last 24 hours. The largest meme coin is down by close to 20% on the weekly timeframe, according to CoinGecko data.

However, Dogecoin is not the only meme token to have witnessed this massive downturn in price, as other coins also posted double-digit percentage losses. Notably, the second-largest meme coin, Shiba Inu, is also deep in the red, with an almost 14% price drop in the past day.

Dogecoin

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Bitcoin Bulls Persists: Analyst Identifies Trend As Catalyst To $60,000

As the entire cryptocurrency market is currently experiencing a notable upward trajectory, several market analysts are anticipating more gains for Bitcoin, the leading cryptocurrency asset, as they predict the token’s price to go even higher.

Historical Trend That Will Send Bitcoin To $60,000 

Crypto Jelle, a cryptocurrency analyst and investor, has expressed his optimism toward Bitcoin’s price action. Jelle recently shared a positive prediction for BTC in the near future on the social media platform X (formerly Twitter).

The expert’s projections delve into the present price movement of Bitcoin and its potential to increase even further. He highlighted a trend which serves as a catalyst for a price increase.

Jelle’s X post was accompanied by a chart that shows that the crypto asset has formed a “Bullish Megaphone” pattern. According to him, this is “yet another bullish megaphone pattern,” suggesting the price will go higher, putting his price target at $60,000. If Bitcoin manages to maintain its current momentum amid the crypto market’s rally, it is possible that BTC’s price might reach $60,000.

Bitcoin

In another X post, Jelle also pointed out that the token is presently in an area in which it normally sees the best gains. Jelle revealed that the BTC always experiences the best return when its “weekly Relative Strength Index (RSI) is above 70.” Due to this, he has urged his thousands of followers to invest significantly in the token to position themselves for more gains.

BTC finished the previous week on a bullish note, staying put above the $52,000 threshold in the face of strong opposition. This simply suggests a strong faith and dependency on the digital asset from investors.

After going past the $52,000 level, it set a new weekly culmination record spanning two years. Because of Bitcoin’s tenacity and upward movement, investors and market watchers are anticipating what lies ahead.

Massive Whale Moves Amid Price Rally

In light of BTC’s rally, Whale Alert has reported massive whale transactions carried out hours ago. Whale Alert revealed that around 18,484 BTC valued at about $962 million were taken out of the decentralized exchange Coinbase.

The on-chain tracker reported that the aforementioned withdrawals were carried out in two distinct transactions. Whale Alert noted that the first transaction saw 9,322 BTC worth approximately $485 million being withdrawn from Coinbase.

Meanwhile, the second transaction witnessed 9,162 BTC valued at about $476 million being extracted from the same exchange. Both wallet addresses involved in the withdrawal appear to be new ones, as they had no previous transaction history.

As of the time of writing, Bitcoin was trading at $52,336, indicating an increase of over 9% in the past 7 days. Despite the price rise, its trading volume appears to be down by over 10% in the past 24 hours.

Bitcoin

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Ripple Locks Away 800 Million XRP In Escrow, Impact On Price?

Ripple Labs, a leading American-based payment firm has locked away a substantial amount of XRP tokens in its escrow wallet as part of its monthly unlock program to help bolster its ecosystem and XRP.

Ripple Takes Back 800 Million XRP 

A recent report from on-chain tracker Whale Alert revealed that Ripple took back about 800 million XRP tokens. This is no surprise, as the stated transaction has been a recurring outcome by the payment firm.

The payment firm locked the aforementioned funds after its monthly 1 billion XRP release, which has caught the attention of the crypto space. According to Whale Alert, the firm carried out the transaction in two distinct transfers. 

For the first transaction, Ripple locked away 500 million XRP tokens, valued at $253 million at the time of the report. Data from XRPScan shows that the 500 million XRP were initially transferred from “Ripple 23” to “Ripple 11” wallets before they were locked away.

Meanwhile, the second transaction saw 300 million XRP valued at about $151 million being transferred to the company’s escrow wallet. Whale Alert revealed the transaction was carried out by another wallet address identified as “Ripple 10,” according to data from the XRPScan. 

The firm has been releasing XRP from its escrow holdings every first day of the month. This process is a component of Ripple’s strategy to regulate the amount of XRP in circulation and uphold stability in the dynamic world of digital assets. 

After making up 55% of all XRP supply at first, the escrow accounts now own 40.7% of the supply. This is a result of the progressive unlocking process since it began in December 2017.

As of December 2017, the firm held 55 billion XRP as part of the escrow system initiative, which was mostly implemented on the XRP Ledger (XRPL).

XRP Whales On Dumping Spree

Whale Alert has also detected a substantial dump of XRP on cryptocurrency exchanges (CEXs). Whale Alert reported that over 67 million XRP was observed being moved to Bitso and Bitstamp platforms.

Further data shows that the unknown wallet address r4wf7enWPx…5XgwHh4Rzn transferred 37.9 million XRP to a Bitso-based wallet address. As of the time of transfer, the funds were valued at approximately $19 million.

Later on, 29.7 million XRP was moved to Bitstamp, a Luxemburg-based crypto exchange, in a separate transaction. According to the tracker, the same wallet address carried out the transaction worth about $15 million. This particular wallet address has been carrying out this type of transaction to the CEXs for a while now. It is believed that this might be due to Ripple’s strategic partnership with these centralized exchanges.

The price of XRP is still down by over 2% in the past week, trading at $0.505. Its market capitalization is currently up by 2%, but its trading volume has decreased by over 36% in the past 24 hours.

Ripple

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XRP Whale Makes Massive Transfer Amidst Price Volatility

In light of recent developments in the crypto market, XRP has once again garnered the attention of investors and the community as the crypto asset has witnessed yet another massive whale activity.

XRP Whales Moves Over 50 Million Token To CEXs

A recent report revealed that an XRP whale recently moved over 50 million tokens to cryptocurrency exchanges. On-chain data shows that the whale has been making this kind of transaction over the past few weeks.

Interestingly, these whale transactions have created a whirlwind of speculation among worldwide crypto market enthusiasts after they surfaced during the token’s price decline.  According to data from the on-chain tracker Whale Alert, the whale transferred 50.7 million tokens to centralized exchanges (CEX).

Whale Alert has revealed that the aforementioned funds were transferred to CEXs in two separate transactions. The whale transactions occurred amidst the token’s downward movement raising speculation on its effect on XRP’s price.

The on-chain tracker reported that the first transaction saw a whopping 26 million XRP tokens valued at approximately $15.22 million. Data shows that the unknown address identified as r4wf7enWPx…5XgwHh4Rzn moved the tokens to the Mexican-based crypto exchange Bitso.

Meanwhile, the second transaction moved 24.7 million XRP tokens valued at about $14.68 as of the time the transfer was made. The same wallet address mentioned above had transferred the funds to another crypto exchange Bitstamp.

It is noteworthy that the aforestated wallet address has been orchestrating this kind of transaction to the CEXs for a while now. Last week, Whale Alert detected the wallet address transferring over 48 million XRP tokens to Bitstamp and Bitso.

In less than two weeks, the wallet address has moved over 138 million tokens to the cryptocurrency platforms. With the current price of the digital asset, this is valued at over $79 million.

The Crypto Asset Poised For A Significant Upswing

On Wednesday, the entire crypto market experienced a notable disruption which saw XRP falling close to its October lows of $0.50. Despite the significant price drop, cryptocurrency analyst Egrag Crypto has expressed bullish sentiments about the crypto asset.

Egrag has recently shared bold predictions for the asset on the X (formerly Twitter) platform. The crypto analyst pointed out that the token’s price is currently getting ready for an upswing.

XRP

He noted an August scenario where XRP reached the lower boundary of its channel during the 1 billion liquidation across crypto. “Now, after five months, it is going back to that zone with another aggressive 1 billion liquidation,” he stated.

He highlighted that the asset’s bulls have been steadfast in “defending this channel,” not allowing anything to stop them from “buying into the dip.” He asserted that the bulls have maintained the price above the “Val Hell Line,” preventing a “daily candle” close below it.

So far, Egrag has pointed out “a slight retest” around the $0.55 appears to be “pretty standard” market behavior.

XRP

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XRP Whales Moves $47 Million To Exchange, As Price Dips

XRP whales are on the move again, as on-chain data reveals that the crypto asset has witnessed a massive whale activity in the past day, which has led investors and the crypto community to ponder on the reasons behind these large transactions.

Whale Transfers 47 million XRP To Cryptocurrency Exchanges

A report has shown that a whale has shifted approximately 47 million XRP tokens to crypto exchanges. Data from the on-chain tracker Whale Alert revealed the funds were moved to centralized exchanges (CEXs) in two distinct transfers. 

The two whale transactions came in light of the token experiencing a price decline. The first transfer saw about 24,800,000 XRP tokens valued at $15,463,840 being moved to the crypto exchange Bitso. Data from the on-chain tracker shows that the unknown wallet address r4wf7enWPx…5XgwHh4Rzn made the move 11 hours ago.

The second transaction shifted about 23,800,000 XRP which was valued at $14,840,298 at the time of transfer. Whale Alert reported that the same wallet address mentioned above also made the transfer to another crypto exchange Bitstamp.

This is not a surprise as the stated wallet has been making such huge transfers to both Bitso and Bitstamp exchanges. On Wednesday, December 27, the same wallet address was reported moving over 49 million XRP to the centralized exchanges.

The whale transaction also took place in two distinct transfers. The wallet address moved 22.90 million XRP valued at approximately $14 million to Bitstamp. Meanwhile, the second transaction was reported to have witnessed 16.50 million XRP worth about $10.43 million moved to the Mexican-based exchange Bitso.

The movement of XRP to the stated CEXs via the same wallet address has become a regular occurrence in the cryptocurrency space.  This might be due to Ripple‘s strategic partnership with Bitstamp and Bitso, in which the CEXs make use of Ripple’s payment services.

Could The Price Of The Crypto Asset Reach $2,500?

Crypto expert Egrag Crypto recently revealed an intriguing story of his conversation about the pricing of XRP with a prominent banker. The analyst shared the story with the entire crypto community on the social media platform X (formerly Twitter).

The conversation revolved around the token, as both figures examined how the altcoin might reach a value of $2,500 soon. The discussion arose when the banker challenged Egrag to clarify how 40,000 XRP could ultimately equal $100 million.

XRP

Taking up the challenge, Egrag showed the banker how the asset would reach $2,500 using a chart he posted alongside. According to the chart, the token might reach this price level by 2029. 

Due to this, the banker has considered the digital asset a long-term investment, as he believes it could result in enormous gains by then.

Currently, the token’s price is sitting at $0.629, indicating a decline of about 1.60% in the past 24 hours. Its trading volume is also down by over 20%, while its market cap is down by 1.68%.

XRP

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Shiba Inu Whale Moves $45 Million In SHIB, Bullish?

Amid the joyous mood of the festive season, the Ethereum-based meme coin, Shiba Inu has witnessed massive whale activity over the past 24 hours, causing speculation around the crypto community.

Shiba Inu Sees Substantial Whale Activity

A recent report revealed that a Shiba Inu whale has moved about 4 trillion SHIB tokens to an unidentified wallet. The whale activity came amidst the crypto asset’s price decline in tandem with the decline in the SHIB burn rate.

Data from the on-chain tracker, Whale Alert, shows the unknown wallet 0x9c570088…a22fd8b51b move 4,239,147,213,294 SHIB to the unknown wallet address 0x72c3f4fc…fa8d75d719. 

The on-chain tracker reported that the whale transaction was valued at $45.12 Million as of the time the transfer was made. Despite the magnitude of this transaction, the gas fee used to initiate the transfer was significantly low.

Shiba Inu appears to be experiencing substantial whale activity of this size lately. This marks the second time that such transactions have been carried out in the past few days.

On Sunday, December 24, Whale Alert also reported another whale transaction carried out by an unknown wallet. The whale transaction saw a staggering 4.25 trillion SHIB being transferred to an unidentified wallet, according to the on-chain tracker.

The data shows that the aforestated SHIB was sent to the unknown wallet address 0x9c570088…a22fd8b51b by the wallet address 0x3ce6bed2…87d896c59f. As of the time of the transaction, the 4.25 trillion SHIB was valued at a whopping $46 million.

In just two days, over 8.4 trillion SHIB tokens have been moved between unknown wallet addresses. This has since sparked speculations within the Shiba Inu community about whether these transactions signify a bearish or a bullish move.

Nonetheless, the transfer of SHIB between unidentified wallets during a price decline might suggest that traders are feeling more confident. 

Shibarium Reaches Another Transaction Milestone

Shiba Inu Layer 2 blockchain network Shibarium, has recently crossed a whopping 190 million in network transactions. This marks another major milestone for the project, indicating robust strength and activity within the ecosystem.

According to data from Shibariumscan.io, the total number of completed transactions within the network is approximately 192,000,000. In addition, approximately 1,320,000 active addresses on the network contributed to this significant number of transactions.

Furthermore, the Shibarium network’s daily transactions are currently sitting at about 7.53 million. Shibarium’s transaction volume has since increased from an average of 20,000 daily to over 7 million daily, putting the network in the limelight.

Since it initially went past 7 million transactions daily over the past weeks, the blockchain has continued to maintain within that range. The rise in daily transactions demonstrates the meme coin’s quick growth and widespread adoption in the past few months.

Currently, the price of Shiba Inu is down by 1% in the past 24 hours, trading at $0.00001067 as of the time of writing. Data from CoinMarketCap shows thatiIts trading volume is also down by 5%, currently sitting at $185.31 million.

Shiba Inu

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Shiba Inu Burn Rate Soars By 5,000%, Here’s Why

The Shiba Inu burn initiative begins the week with a positive sentiment as the project has witnessed a significant increase in its token burn rate over the last 24 hours.

Shiba Inu Burn Rate Sees Notable Uptick

On Monday, December 25, over a 5,000% increase in the last 24 hours has been observed in the Shiba Inu burn rate. According to data from Shibburn – the platform that tracks SHIB token burns, the burn rate recorded a substantial 5,043% increase.

The tracker reveals that over 53.13 million SHIB tokens have been burn over the past 24 hours. The surge in burn rate was due to two substantial transactions that consisted of over 20,000,000 SHIB each.

Data from Shibburn shows that the address 0x6081258689a75d2…887239fe80 sent a total of 20,000,000 Shiba Inu tokens to the SHIB burn wallet. Meanwhile, the second transaction which was carried out by the same address saw about 25,000,000 SHIB sent to the burn wallet.

The Shiba Inu burn rate has been witnessing significant surges over the past few days. The rise in burn rate appears to have generated a wave of speculative excitement throughout the cryptocurrency market.

Despite the increase in burn rate, the Shiba Inu price is currently experiencing a bearish price action. The token is currently down by 1% in the last 24 hours, according to CoinMarketCap.

The recent rise in burn rate coincides with a massive whale transaction reported by on-chain tracker Whale Alert. The on-chain tracker revealed that the transaction saw a whopping 4.25 trillion SHIB being transferred to an unknown wallet.

Whale Alert reported that the wallet address identified as 0x3ce6bed2…87d896c59f sent the aforementioned SHIB to the unknown wallet address 0x9c570088…a22fd8b51b. Another aspect to identify is the low gas fee used to initiate this huge transaction, which was less than $3.

The Project’s Team Made Another Massive Burn

On Friday, December 22, a report revealed that the Shiba Inu team burned a massive 8.47 billion SHIB. Currently, the total number of SHIBs burned by the team has reached a whopping 33.8 billion SHIBs.

It is worth noting that the team had previously burned another 8 billion SHIB hours before on the same day.

Earlier that day, the team sent approximately 8,533,564,693 SHIB valued at $90,285 as of that time, to a dead wallet. The total number of SHIB tokens burned by the team that day was approximately 17 billion.

The most recent burn marks the fourth time this month alone that the crew has carried out a burn this size. The overall supply of SHIB is beginning to feel the weight of these systematic burns. 

This has also been confirmed by Lucie, the marketing head and part of the project’s team, on X (formerly Twitter). The most recent burn was shared by Lucie in her post, highlighting that it was the fourth instance of the procedure. 

Shiba Inu is currently trading at $0.000010, with its trading volume also declining by over 30% to approximately $184.65 million. Meanwhile, its market cap is also down by 1% to $6 billion as of the time of writing.

Shiba Inu

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Bitcoin Sees Surge In Whale Activity, Will This Affect Price?

Recent reports have revealed that Bitcoin (BTC) is experiencing a significant surge in whale activity, which has since caused quite a stir in the entire crypto community.

Bitcoin Experiences Surge In Whale Transactions 

According to Whale Alert, Bitcoin has been displaying a surge in whale transactions over the past 24 hours.  The crypto tracker recently revealed several whale transfers from unknown wallets to crypto exchanges such as Binance and Coinbase. 

The report shows that Binance amassed a whale inflow of over $67 million from the transfers. Meanwhile, Coinbase amassed a whale inflow valued at over $310 million from the transfers.

A recent transaction of 781 BTC was reported by Whale Alert, which came from four distinct cryptocurrency wallets. However, about 658 BTC were seen transferred directly to Binance.

In addition, early on Wednesday morning, a different unknown wallet sent 499 BTC to Binance. This move is worth almost $20.6 million as of the time of the transaction.

The most recent whale activity reported by the crypto tracker shows that about 500 BTCs were transferred into Binance. As of the time of the report, the transaction was valued at $20.5 million.

For Coinbase, the tracker revealed a whopping 7,515 Bitcoin that was transferred by unknown wallets to the crypto exchange. The first transaction saw about 2,510 BTC, valued at $104.2 million sent from an unknown wallet 1xkfCoJyCZ…Ur7bZJWuXJ to Coinbase. The second whale transaction witnessed 2,494 BTC transferred by another different wallet to the crypto platform. 

Meanwhile, the last whale transaction from the anonymous wallet 15LhEQYPdK…88T9kLM55m transferred 2,511 BTC to Coinbase. Nonetheless, the crypto tracker has reported that these BTCs have been moved from the exchange to several wallets.

So far there is no solid evidence that these whale transactions have had any effect on the price of Bitcoin. 

Support Levels To Watch Out Says Analyst

Cryptocurrency analyst Ali Martinez has recently shared key levels to watch out for concerning the crypto asset. The analyst took to X (formerly Twitter) to share these crucial support levels for the crypto community and investors.

Ali asserted that BTC will find solid support between $37,150 and $38,360 should in case a deep correction occurs. He further added that the zone is backed by 1.52 million addresses holding about 534,000 BTC.

Furthermore, he highlighted two resistance walls that could oppose the crypto asset’s upward rally. The first resistance wall is $43,850, while the second wall is $46,400.

Bitcoin

Currently, BTC is sitting at $41,380, indicating a 1% decline in the last 24 hours as of the time of writing. Its market capitalization is currently valued at approximately $809 billion, indicating the same percentage decline, according to CoinMarketCap.

Bitcoin

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300 Million Dogecoin (DOGE) Moved To Robinhood As Price Swells

The Meme-based cryptocurrency Dogecoin (DOGE) has recently experienced a significant increase in whale transactions during an improvement in the crypto asset’s price.

300 Million Dogecoin (DOGE) Dumped In Crypto Exchange

Data from the on-chain crypto tracker Whale Alert recently revealed that a massive amount of Dogecoin (DOGE) was transferred to Robinhood. This whale transaction has attracted the interest of traders and investors in the larger cryptocurrency space.

According to the crypto tracker, the transfer was orchestrated by an unknown wallet address earlier today. The wallet address identified as DDuXG.ruc1wwKF sent about 300 million DOGE to the cryptocurrency trading platform Robinhood.

The post read:

300,000,000 #DOGE (25,033,123 USD) transferred from unknown wallet to #Robinhood.

With the current price of Dogecoin, the whale transaction is valued at approximately $25 million. The whale moved the substantial Dogecoin haul to Robinhood for a comparatively low network cost of just $0.18. This is most likely by taking advantage of times when fees and congestion were low. 

The transfer of DOGE to Robinhood suggests that the whale is looking to sell the tokens, igniting speculation in the larger cryptocurrency market. However, it seems that the meme-based cryptocurrency’s price increase runs counter to the tokens being dumped on exchanges.

Currently, the price of DOGE is sitting at $0.0839, indicating an over 2% increase in price in the past 24 hours. Meanwhile, its market capitalization is also reflecting the same percentage rise at $11.9 billion, according to CoinMarketCap.

A similar whale transaction was also flagged by the on-chain tracker recently. In October, a similar transaction of 300 million DOGE tokens occurred thrice, while last month also saw a similar transaction twice.

Large-scale individual transactions usually come with the danger of crashes due to fast liquidations or market manipulation. However, there is no solid evidence that the whale transaction had any impact on the token’s price.

The Crypto Asset’s Holders Increases Significantly

Dogecoin has shown a significant uptick in its total number of holders lately. Analytics firm IntoTheBlock revealed that the total number of addresses holding a balance exceeded 5 million this week, and reached a high of 5.02 million on November 27. A major factor contributing to the rise in new Dogecoin addresses is the cryptocurrency’s increasing adoption and interest.

The on-chain analytics firm also revealed that the numbers have been increasing gradually since the start of the year. “This recent activity is most likely driven by Dogecoin “Doginals”, which don’t require a significant on-chain balance of $DOGE,” IntoTheBlock said.Dogecoin

DOGE trading at $0.0833 on the 1D chart | Source: DOGEUSDT on Tradingview.com

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Ripple Stirs Debate By Shuffling $260 Million In XRP: What’s Behind The Move?

Ripple Labs has once again become the focus of much scrutiny and debate within the XRP community. Recent data points to a series of high-volume XRP transactions totaling 506 million tokens, valued at approximately $260 million, carried out over the span of 19 days. What makes these transactions especially noteworthy is not just their sheer volume but also the repetitive nature and targeted destinations.

Ripple Transaction Breakdown

Between the end of August and mid-September, a total of 15 significant XRP transactions were initiated by two Ripple-controlled addresses. These transfers were diligently logged by Whale Alert, a reputable platform that tracks large crypto transactions. The initiation of this flurry was a 31 million XRP transaction on August 30.

Of significant note is the consistent pattern observed in many of these transfers. On numerous occasions, amounts exceeding 29 million tokens were transferred to the U.K.-based exchange, Bitstamp. This has ignited curiosity given Ripple’s acquisition of a stake in Bitstamp earlier this year. The specifics of this deal remain undisclosed, but the recurrent transfer of significant XRP sums to the exchange’s wallets post-acquisition does warrant attention.

The address responsible for the majority of these transactions to Bitstamp, although initially unidentified by Whale Alert, is believed to be directly associated with Ripple Labs. This has led to intense speculation within the community. The direct involvement of Bitstamp in these transactions, combined with Ripple’s known stake in the exchange, raises questions about the nature and intent of these transfers.

Another Ripple-associated address was also active, executing two prominent transfers on September 11 and September 18, totaling 175 million XRP in mid-September. Of these, 100 million XRP was moved to a wallet linked with the Canadian SideShift crypto exchange. In a previous instance, similar transactions were observed from the Binance platform to Ripple’s wallets, but no clarifications were provided by either party at the time.

Market Implications

The magnitude of these transactions has understandably caused ripples in the market, leading to speculations about potential systemic selloffs. The recent acquisition of financial services entity Fortress by Ripple has further added fuel to the fire. Questions are being raised about whether Ripple could potentially be leveraging its XRP holdings to facilitate such acquisitions.

Bill Morgan, an advocate in the XRP circle, queried the relationship between the XRP transactions and the acquisition of Fortress, hinting at the potential impact of such a move on XRP’s price. While these significant XRP transfers have undoubtedly stirred the crypto community, it’s essential to highlight that Ripple Labs has, in the past, regularly transferred large XRP sums for various operational reasons.

“I wouldn’t want to think that Ripple sold a lot of XRP to fund this acquisition and bailing out of Fortress customers putting downward price pressure on XRP. But that couldn’t be the cause of the price fall today as the whole crypto market fell,” he tweeted.

Currently, neither Ripple Labs nor Bitstamp has provided any official insight into these recent transactions, leaving room for speculation. As the crypto ecosystem awaits an official response, maybe the next quarterly report by Ripple will deliver answers when the companies presents news stats on its quarterly XRP sales.

At press time, XRP traded at $0.5139.

Ripple XRP price

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XRP Whales On The Move Again, As Altcoin Records Significant Utility Spikes

In the last 48 hours, the XRP market has witnessed a significant amount of large-scale transactions, drawing much attention from the general crypto space. According to data from blockchain tracker Whale Alert, XRP whales conducted transactions involving over a billion XRP on Friday, September 1. 

Ripple Transfers 75 Million XRP To Unknown Wallet In Whale Buying Spree

Through a series of posts by Whale Alert on social media platform X (formerly Twitter), it can be inferred that the XRP market witnessed four major whale transactions. 

The biggest of these transactions was the transfer of 424,354,912 XRP – valued at $214,293,666 – from one unknown wallet to the other. In this context, unknown wallets refer to addresses with no affiliation to a crypto exchange. 

Furthermore, there was the move of XRP, 19,920,318 XRP worth $10,167,904, from another unknown wallet to the Binance exchange. It was also noted that a whale transferred 66,666,659 XRP, worth $33,065, 809 from an unknown wallet to the Binance exchange. 

However, the most notable transaction that caught most traders’ eye came from Ripple, the company behind the XRP cryptocurrency. 

Whale Alert reported that Ripple transferred 75,000,000 XRP, worth $37,058,145, from its Binance wallet to an unknown wallet. 

Following this move, some crypto enthusiasts believe that this particular unknown wallet also belongs to Ripple, as the company could be intending to soon offload those tokens on an exchange. This speculation has led to most investors predicting an incoming market dump. 

Ripple also conducted other transactions on September 1, locking about 800,000,000 XRP in escrow. 

However, this does not raise any concern as the crypto payment firm is known to release 1,000,000,000 XRP at the start of every month before proceeding to lock up about 80% of the new tokens a few hours later. 

XRP Records 7-Month Highest Transaction Volume Among Other Positives

Following the massive transactions in the XRP market, on-chain analytics firm Santiment has provided a report highlighting some of the effects of these whale movements.

According to an X post on September 1, Santiment reports an on-chain transaction volume of 4.8 billion XRP, marking the seven highest value of this metric in the XRP market over the last seven months. 

The analytics firm also noted that there are currently about 2.03 billion XRP in circulation, representing the token’s highest-circulating supply since May 31. In addition, XRP development activity was also reported to be on the high side.

At the time of writing, XRP still finds itself struggling amid a general market downturn. The fifth-largest cryptocurrency trades at $0.4983 with a 1.88% loss in the last day, according to data from CoinMarketCap.

XRP whale

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XRP Whales On The Move Again, As Altcoin Records Significant Utility Spikes

In the last 48 hours, the XRP market has witnessed a significant amount of large-scale transactions, drawing much attention from the general crypto space. According to data from blockchain tracker Whale Alert, XRP whales conducted transactions involving over a billion XRP on Friday, September 1. 

Ripple Transfers 75 Million XRP To Unknown Wallet In Whale Buying Spree

Through a series of posts by Whale Alert on social media platform X (formerly Twitter), it can be inferred that the XRP market witnessed four major whale transactions. 

The biggest of these transactions was the transfer of 424,354,912 XRP – valued at $214,293,666 – from one unknown wallet to the other. In this context, unknown wallets refer to addresses with no affiliation to a crypto exchange. 

Furthermore, there was the move of XRP, 19,920,318 XRP worth $10,167,904, from another unknown wallet to the Binance exchange. It was also noted that a whale transferred 66,666,659 XRP, worth $33,065, 809 from an unknown wallet to the Binance exchange. 

However, the most notable transaction that caught most traders’ eye came from Ripple, the company behind the XRP cryptocurrency. 

Whale Alert reported that Ripple transferred 75,000,000 XRP, worth $37,058,145, from its Binance wallet to an unknown wallet. 

Following this move, some crypto enthusiasts believe that this particular unknown wallet also belongs to Ripple, as the company could be intending to soon offload those tokens on an exchange. This speculation has led to most investors predicting an incoming market dump. 

Ripple also conducted other transactions on September 1, locking about 800,000,000 XRP in escrow. 

However, this does not raise any concern as the crypto payment firm is known to release 1,000,000,000 XRP at the start of every month before proceeding to lock up about 80% of the new tokens a few hours later. 

XRP Records 7-Month Highest Transaction Volume Among Other Positives

Following the massive transactions in the XRP market, on-chain analytics firm Santiment has provided a report highlighting some of the effects of these whale movements.

According to an X post on September 1, Santiment reports an on-chain transaction volume of 4.8 billion XRP, marking the seven highest value of this metric in the XRP market over the last seven months. 

The analytics firm also noted that there are currently about 2.03 billion XRP in circulation, representing the token’s highest-circulating supply since May 31. In addition, XRP development activity was also reported to be on the high side.

At the time of writing, XRP still finds itself struggling amid a general market downturn. The fifth-largest cryptocurrency trades at $0.4983 with a 1.88% loss in the last day, according to data from CoinMarketCap.

XRP whale

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Bitcoin Whale Breaks 8 Year Long Silence With $30 Million Worth Of BTC Transfer

After an eight-year dormancy, a Bitcoin (BTC) Whale unexpectedly moved $30 million worth of BTC. On November 20th, 2013, the exact address received 1,000 BTC worth $567,600 at the time, Blockchair reported. 

The Bitcoin remained dormant in one wallet until it was moved as part of a much larger block that sent nearly 2,100 BTC to two other addresses. One address received 2,000 bitcoins, while the second collected above 99.99 bitcoins.

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Bitcoin Movements In Dormant Wallets 

1,000 BTC were worth $30,090,000. That’s more than 53 times the original price from 2013, when Bitcoin was only $567. The transaction only cost 0.0016 BTC in fees, which is about $47.15 at the time it was executed.

During the last eight years, the inactive whale wallet received trace amounts of Bitcoin 23 times, and it appears that those amounts were for dusting attacks. 

What are dusting attacks? These involve hackers and scammers sending minuscule amounts of Bitcoin (or other cryptocurrencies) to break wallets’ privacy.

BTC is trading at $29,353 after recovering from $27,000 | Source: BTC/USD price chart from tradingview.com

The advanced blockchain tracker, Whale Alert, traced the transaction and reported on Twitter as: 

A dormant address containing 1,000 #BTC (30,395,186 USD) has just been activated after 8.5 years (worth 468,643 USD in 2013)!

Blockchair also identified another wallet that has remained dormant since 2012 and finally transferred 500 BTC on Thursday. The first deposit of one Bitcoin was made back on 5th April 2012.  The wallet then added another 499 BTC on June 3rd of the same year. The Bitcoin price at that time was only $5.25 per coin.

However, throughout that period, the wallet received modest sums of BTC, which appears to be dust transactions used by scammers to carry out dusting attacks.

Remarks And Contribution of Satoshi Nakamoto

The creator of Bitcoin has been silent for years, but people still think they know who it is. As a result, transactions from long-dormant wallets typically drum up media interest. Because they generate chatter speculating that the BTC could be owned by Bitcoin’s secretive creator, Satoshi Nakamoto.

Nakamoto launched the genesis block on January 3, 2009. Since then, it has succeeded in mining almost 1,000,000 BTC, according to the assessment of Blockchain analysts.

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Satoshi confirmed his appearance on the internet in December 2010 when the Bitcoin network’s client software version was 0.3.19, and now Bitcoin’s version is 22.0.  

Bitcoin has been showing high volatile movements during the last few months; it was at the price of $ 36,000 before a week and declined to $25,401 last Thursday. 

Bitcoin is currently recovering from a market-wide dip. As of the time of writing, it has increased in value by 13.5% from this year’s low and is trading for $29,353.

 

Featured image from Pixabay, and the chart from Tradingview.com

 

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Bitcoin Stolen From Bitfinex Hack Moved For The First Time In Five Years

The Bitfinex hack had been one of the most popular hacks when it occurred. At that point, bitcoin was still in its very early stages and was still reeling from the Mt Gox shutdown even years later. When the hack occurred, the attackers had made off with 119,756 BTC successfully. They had moved out of the stash gradually over time but recently, the biggest move from the hackers came when they moved $3.8 billion worth of bitcoin.

Hackers Move 10,000 BTC

The Bitfinex hackers have moved 10,000 BTC from a stash that has been there since 2016. There have been BTC moved from the wallets previously but this qualifies as the highest in terms of dollar value that have left the account.

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This move was reported by Whale Alert, a bot that tracks transactions on the blockchain and reports when large transactions are triggered. The total value of the bitcoin that the Bitfinex attackers moved came out to be almost $4 billion.

As for the rest of the stash, the bitcoins still remain in the wallet that they were transferred to following the hack. Although the wallet is essentially ‘tagged’, there have been new developments in the space that could essentially help the hackers ‘clean’ the stolen BTC and be able to spend it without worrying about being traced.

Recently, hackers have been using platforms like Tornado Cash to get rid of the ‘dirty’ cryptocurrencies that they steal from crypto projects. It is unclear where the Bitfinex hackers are sending the BTC as it is still an unknown wallet.

BTC Price Ready To Tank?

Bitcoin’s price has done exponentially well compared to where it was in 2016. Around the time when the Bitfinex hack occurred, the price of BTC was still trading under $300. Now, a single bitcoin is trading at $38,000, greatly increasing the value of the stolen bitcoin.

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The price of the digital asset which peaked at $69,000 has helped the value of the BTC. However, the hackers continue to hold most of the bitcoin in the wallet, presumably unable to spend it.

BTC trending at mid-$38,000 | Source: BTCUSD on TradingView.com

It is expected that if the attackers are able to dump all of their bitcoin on the market, then it could adversely affect the direction of the cryptocurrency in terms of price. With the Mt Gox compensations coming up and decisions from the Fed, BTC and the crypto market could be gearing up for further downside. But for now, the price of bitcoin is holding up at $38,300.

Featured image from Daily Advent, chart from TradingView.com