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Crypto platforms record $780 million BTC, ETH, XRP, DOGE transactions
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Crypto platforms record $780 million BTC, ETH, XRP, DOGE transactions

Jan 9, 2024

Cryptocurrency networks recently registered transactions worth over $780 million in Bitcoin, Ethereum, DOGE and XRP, where Bitcoin experienced its most significant surge in transactions worth over $100,000 in almost two years.

The surge in Bitcoin transactions occurred concurrently with Ethereum’s recovery after a meltdown early this week. Ethereum was down to $2,181 before bouncing back to $2,240.62 as of January 6, according to CoinMarketCap.

Whale Alert pointed out several spotlight-stealing transactions from the $780 million crypto transactions, such as a transfer of 3,167 BTC worth $139,724,560 from an unknown wallet address to Coinbase and a 2,000 BTC worth $88,297,346 transfer from Coinbase to an unidentified recipient.

The precise reasons behind the whale transactions remain unknown. Some said it was just crypto whales transferring their assets, while others said the whales were holding for a potential surge in the market.

As the U.S. Securities and Exchange Commission (SEC) may reject several Bitcoin ETF applications in mid-January, Bitcoin still undergoes a 2.30 percent price decrease despite its surprising recent whale transactions.

Details on ETH, DOGE, XRP whale transactions

Ethereum was also subject to surprising whale transactions apart from Bitcoin, where a whale with the address 0x931 bought 21,192 ETH for a $48 million price at an average price of $2,265 several hours before writing.

Spot On Chain said 0x931 successfully bought 79,500 ETH with the $1,790 average price from Binance and DEX since January 13, 2023, with $36.84 million in unrealized profit.

Crypto platforms noted similar Ethereum accumulation tactics by other whales similar to 0x931, where such accumulations may trigger an Ethereum price rally during the increase of bullish statements in the industry.

On the other side, DOGE had two colossal whale transactions on January 4, 2024. During the occasion, crypto platforms recorded transactions involving 883.01 million DOGE and 307.49 million DOGE between unidentified wallets.

The DOGE whale transactions may come off as shocking as it saw a 10.56 percent downward slope since January 3 evening from $0.09083. As of January 6, DOGE has an average price of $0.08078.

Lastly, XRP also recorded two heavyweight transactions similar to DOGE. Crypto platforms recorded 26 million XRP and 24.7 million XRP transfers to Biso and Bitstamp via the same wallet address.

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