Dogecoin (DOGE) whales move 1.5B tokens as Trump’s conviction triggers memecoin volatility

2024-05-31 04:52:01 ET

Dogecoin (DOGE) saw multiple activities within the past day. Besides bearish price actions, massive transactions involving over 1.5 billion tokens attracted market attention.

The whale transfers drew curiosity about the meme coin’s future price movements. Notably, the action comes as the themed assets experience heightened volatility.

A Manhattan jury convicted former US president Donald Trump for faking business records on May 30.

The news triggered wild fluctuations in the meme tokens market. Trump-linked MAGA flew to all-time hours after the ruling before plunging.

Dogecoin whale transfers fuel speculations

Large-scale DOGE transactions sparked debates within the market as the altcoin’s price retreated over the past day.

Meanwhile, one investor scooped 90 million Dogecoin assets, worth $14.28 million, from Robinhood.

The substantial accumulation bolstered investor confidence about future price recoveries.

Moreover, the purchase reflects the increasing trend of substantial investments in DOGE, confirming trust in the asset’s potential.

Whale Alert

revealed

another immense transfer of Dogecoin worth over $81.10 million (499.24 million tokens.

The investor moved the assets between two anonymous wallets. The token movement represents a strategic move by a top holder, which might stimulate market dynamics and trigger speculative trading.

Furthermore, another player moved 970 million DOGE, worth $156.92 million, between two unidentified addresses.

Trump’s conviction intensifies market volatility

Donald Trump became the first US president to face a felony conviction after the jury found him guilty of fabricating business records on Thursday.

The hush-money trial involved pornographic star Stormy Daniels and Trump.

The adult film actress claimed to have had sexual encounters with Trump before his 2016 election.

Trump-themed digital coins saw wild movements amid the legal developments.

MAGA (TRUMP) jumped to $15 highs after the verdict before plunging to $11.

Moreover, the token rebounded shortly to explore new ATHs of $17. MAGA traded at $13.89 during this writing, up 10% on its daily chart.

Super Trump’s (STRUMP)

momentum has weakened

after the guilty verdict, losing 23% to trade at $0.01209.

MAGA Hat (MAGA) and MAGA VP (MVP) have lost up to 30% of their values within the past day.

Memecoins performance and investor actions amid Donald Trump’s legal woes emphasize the sensitive nature of digital coins to political events.

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Dogecoin (DOGE) whales move 1.5B tokens as Trump’s conviction triggers memecoin volatility

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