A top-20 Dogecoin (DOGE) whale is adding to its stash as the top memecoin continues to struggle through the week.
Blockchain-monitoring service Dogecoin Whale Alert initially spotted the movement of the large DOGE trove worth millions of dollars.
According to the blockchain-surveying service, the Dogecoin investor with deep pockets shelled out less than $1 to process the transaction.
The receiving wallet currently has a balance of 3,606,782,314.509 DOGE worth more than $283.85 million.
DOGE is trading at $0.078 at time of writing. The ninth-ranked crypto asset by market cap is down more than 17% from its weekly high of $0.094.
DOGE’s price dip first materialized on Thursday after Elon Musk’s SpaceX launched a much-publicized test rocket that exploded unexpectedly four minutes into its flight. Dogecoin’s price tends to move with events surrounding Musk because the controversial tech billionaire is a high-profile supporter of the top memecoin.
Musk is also currently in the middle of a legal battle over allegedly illegally driving up the price of the asset over the span of two years and then letting it crash.
However, Musk’s attorneys contend that the lawsuit should be thrown out as his tweets about DOGE over the years were memes or jokes and that Dogecoin is a legitimate asset with a multi-billion-dollar market cap.
According to market intelligence firm IntoTheBlock, 55% of Dogecoin holders are sitting on unrealized gains, compared to 40% of them who are underwater.
