Large Dogecoin transactions worth hundreds of millions of dollars are being moved by wealthy crypto investors as the memecoin rebounds from its monthly low. Whale Alert, a blockchain-monitoring platform, detected the transfers, including one involving a crypto whale moving 308,390,532 DOGE worth $19.22 million from Binance to an unknown wallet.

The investors paid minimal fees to relocate the Dogecoin stacks, and some of the DOGE was transferred to an exchange, potentially for sale on the open market. The sudden movement comes as Dogecoin attempts to recover from last week's market downturn, with the memecoin currently trading at $0.064.