June 16 (Cointime) - In the past 24 hours, wealthy investors of Dogecoin have transferred hundreds of millions of dollars worth of the meme cryptocurrency. Whale Alert, a platform that tracks large transactions, reported seven similar transfers, with only one being under $48 million.

All transactions involved 800 million DOGE being moved from one unknown wallet to another. Crypto analyst Nicholas Merten predicts that Dogecoin will hit a bottom by the end of 2023 or in 2024, but traders should expect a drop to between $0.035 and $0.025 before a reversal. At the time of writing, Dogecoin is trading at $0.062, a 1.66% decrease in the last 24 hours.