1,000,000,000 DOGE in 24 Hours - What's Happening?

Cryptocurrency analyst Ali Martinez has published a tweet, sharing data about a massive amount of Dogecoin getting moved within the last day.

Almost 2 billion DOGE on the move

As the meme coin’s price dropped and started to recover, the number of transferred Dogecoin spiked heavily to over 1 billion meme coins from roughly 600,000 DOGE. $197,601,978 worth of Dogecoin were bought, sold, and just reshuffled by whales and crypto exchanges, according to the chart provided by the on-chain data company Santiment which Martinez shared with his X audience.

On March 7, another data source, Whale Alert, detected a single transaction of 750,000,000 DOGE – the equivalent of $148,201,483 in fiat.

Dogecoin follows Bitcoin down

Over the past 24 hours, the iconic meme cryptocurrency rose 7.65% in an attempt to recover from an almost 12% decline on Thursday. However, after today's rise, it slipped by nearly 5%.

On March 6, Martinez tweeted, warning the crypto community that Dogecoin risks a correction to $0.015 should it lose the crucial support level at $0.19. At the time of this writing, DOGE is changing hands at $0.19660 per coin.

In today’s decline, DOGE, alongside the rest of the crypto market, followed the world’s largest cryptocurrency Bitcoin. After soaring by almost 6% on Friday, following US president Donald Trump signing an executive order to create a Strategic Bitcoin Reserve, the BTC price fell by nearly 5% as the crypto czar David Sacks announced that the US government does not plan to buy any Bitcoin so far. Instead, it intends to hold the 198,200 BTC it holds from various confiscations, mainly from the darknet marketplace Silk Road.

Besides, an announcement was made that the earlier announced XRP, ADA, and SOL would not be part of the crypto reserve and they were named just as examples of top ten coins.