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Dogecoin

Dogecoin Whale Withdraws $12 Million In DOGE From Binance, Bullish Sign?

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows a Dogecoin whale has withdrawn $12 million in DOGE from Binance, a sign that could be bullish for the price of the asset.

$12 Million In Dogecoin Has Been Transferred Out Of Binance Recently

According to data from the cryptocurrency transaction tracker service Whale Alert, a large transfer occurred on the Dogecoin blockchain yesterday. This transaction saw around 151,605,154 DOGE move on the network, worth almost $12.1 million at the time the transfer went through.

As this movement involved such a massive number of tokens, it’s likely that a whale entity was behind it. Whales are an important part of the DOGE ecosystem, due to the huge size of their holdings. Their transactions can usually be something to look out for, as the sheer scale of coins involved in them can sometimes cause noticeable effects on the market.

Related Reading: Surprising Connection: How An Oil Chart Offers Insight Into Bitcoin’s Future

The latest Dogecoin whale transfer can also possibly affect the market, but to know exactly in what way the move may influence the price, the intent behind the transaction must be known.

Here are some more details regarding yesterday’s large transfer, that may reveal additional context around it:

Dogecoin Whale

Looks like this massive movement on the blockchain involved a miniscule fee of 0.01251254 DOGE to go through | Source: Whale Alert

As you can see above, the sending addresses involved in this transaction were ones attached to the cryptocurrency Binance, while the receiver was an unknown wallet (there were also other outputs, but they were going back into Binance-attached wallets).

“Unknown wallet” here refers to the fact that this address was unaffiliated with any known centralized platform (like an exchange). This means that this address was likely an investor’s personal, off-site wallet.

Transactions of this type, where coins move from centralized exchanges to holders’ personal wallets, are called “exchange outflows.” Generally, investors transfer their coins out of these platforms and into their personal wallets to hold onto them for an extended period of time. Because of this reason, exchange outflows can be bullish for the price of the cryptocurrency.

In the current case, the single large outflow has come after the DOGE price has taken a sharp plunge, which may imply that the whale is accumulating at the relatively low price levels being observed right now.

Naturally, this can be a positive sign for the market, as it shows that this humongous holder sees the current prices as only a discount, rather than the start of a large drawdown.

Related Reading: Volatile Week For Bitcoin And Crypto Ahead: Save These Dates

This would only be true, however, if the outflow has actually been made with accumulation in mind. There is always the possibility that this investor has only taken out this large stack for selling through peer-to-peer (P2P) deals. Obviously, this scenario would lead to more bearish price action for Dogecoin.

DOGE Price

At the time of writing, Dogecoin is trading around $0.078, down 16% in the last week.

Dogecoin Price Chart

The value of the asset seems to have rapidly declined in the last few days | Source: DOGEUSD on TradingView
Featured image from Kanchanara on Unsplash.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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