Nearly 58 million Dogecoins (CRYPTO: DOGE) were moved from multiple addresses to an unknown wallet in a single transaction earlier this week.
Dogecoin whales — cryptospeak for big holders — are finally settling down after showing heightened levels of activity ever since market enthusiasm was spurred by Tesla Inc (NASDAQ:TSLA) CEO Elon Musk's acquisition of social media giant Twitter Inc. (NYSE:TWTR) which caused many to wonder whether he will somehow integrate the coin into the platform.
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What Happened: The transaction processed on Monday moved 57,802,168 DOGE from multiple addresses to an unknown wallet for a total transfer value of nearly $7.2 million as of press time, according to transaction tracking service Clank.
This transaction was preceded by a 150 million Dogecoin transaction on Saturday, in which coins from multiple addresses were moved to an unknown wallet.
The Dogecoin blockchain is finally settling down after showing a higher than usual level of activity for an extended period. On the day on which Musk's Twitter acquisition was announced, the network processed about 400 transactions worth at least $2 million within 24 hours.
