Giant Whale Bought Doge For Ten Million! What’s going on?

Whale watcher Whale Alert reported that a new whale recently purchased $16 million worth of Dogecoin (DOGE). The size of this purchase fuels speculation on the price increase.

This whale raised $16M DOGE from Robinhood

Blockchain monitoring and analytics platform Whale Alert recently announced a surprising DOGE transfer. According to the report, a new anonymous whale has raised $16 million in DOGE via crypto exchange Robinhood. The whale achieved 253,419,377 DOGE in this transaction. The transfer highlights how resilient Dogecoin is to market fluctuations.

Bull signal?

Recent purchases have demonstrated Dogecoin’s capacity to challenge market sentiment and initiate bulls. Prior to that, Robinhood significantly increased DOGE reserves, which account for more than a quarter of the total circulating supply. But the stock market has struggled with significant losses from last year and a decline in its user base by 2023. While the reason for the $16 million purchase remains unclear, DOGE price moves in the green regardless of the market overall.

On the radar of whales in the Shiba Inu

After DOGE, Shiba Inu investors got the positive news. The Shiba Inu team shared a new update via their official X account. Lead developer Shytoshi Kusama noted that Blockchain has been rebooted for temporary internal testing and is performing well. According to the update, the team is now focusing on scaling up with several approaches that will be tested and made public. According to Kusama’s statements:

Now, once this phase is complete, we’re scaling it in various ways, retesting it, and making it public.

Shiba Inu and Alchemy partnership

Shiba Inu announced its collaboration with the Alchemy team today, as quoted by Kriptokoin.com. According to the report, the Alchemy team has scaled Shibarium operations by an impressive 1500%. The Shiba Inu lead developer also highlighted that they have successfully worked with decentralized teams and validators. According to Kusama, the result is 1% of the Shibarium server infrastructure using a high-quality metal infrastructure. It will be scaled to 500 percent. This greatly strengthens SHIB in its competition with DOGE. DOGE and SHIB currently maintain their positions in the top 20 by market cap.

Also, a key challenge addressed by the team is managing the expected increase in traffic. A benchmark for expected traffic has been created. This led to collaborations with multiple Blockchain experts. The goal is to develop additional protocols that can effectively support and manage the inbound increase in activity. Kusama expressed his deep gratitude to ShibArmy for their continued support and resilience, especially as the team strives to ensure Blockchain’s capacity meets enthusiastic demand. DOGE, on the other hand, is advancing in different areas in this regard.