Mysterious 90,000,000 DOGE Shifted to Popular Exchange; What's Behind?
2025-01-19
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In a significant transaction that has caught the attention of the cryptocurrency community, 90,000,000 DOGE, valued at approximately $36,438,179, was transferred from an unknown wallet to Binance, the world's largest cryptocurrency.
Blockchain data tracker Whale Alert reports this movement, which took place hours ago, involving the transfer of "90,000,000 DOGE worth $36,438,179 from an unknown wallet to Binance."
🚨 🚨 90,000,000 #DOGE (36,438,179 USD) transferred from unknown wallet to #Binancehttps://t.co/ByKcXICgEa
Such large transfers often spark speculation and curiosity within the crypto community, as they can indicate various potential market activities. Deposits to exchanges might indicate an intent to sell, while withdrawals might mean buying.
Large holders, often referred to as "whales," might be preparing to sell a part of their holdings. The DOGE holder might need liquidity for additional investments or expenses.
Dogecoin has moved significantly in recent days, as evidenced by various transactions in the last 48 hours. On Jan. 17, Whale Alert reports four major Dogecoin transactions.
In two transactions, 51,954,195 DOGE worth $21,334,106 were transferred from Robinhood to Coinbase; also, 80,452,117 DOGE worth $33,127,063 were transferred from Robinhood to an unknown wallet.
Two transactions occurred, with 400,000,000 DOGE worth $154,266,743 and 200,000,000 DOGE worth $77,311,506 being exchanged between unknown wallets.
Dogecoin price dips
At the time of writing, DOGE was down 6.88% in the last 24 hours and up 11% in the past week. Dogecoin's price drop coincides with market profit taking, with most meme coins taking a bigger hit.
On Jan. 15, Dogecoin surged above the 50-day SMA to $0.37. Bulls pushed the surge to a high of $0.434 on Saturday before buyers started taking profits. Bears continued to push the Dogecoin price lower in Sunday's trading session, reaching lows of $0.358, but the positivity is that Dogecoin has now returned to trade above the daily SMA 50 at $0.37.
The $0.35 level is the critical near-term support to keep an eye on, as a failure of this level might allow Dogecoin to fall below $0.30. On the other hand, if the price of Dogecoin returns above $0.40, it may jump to $0.43 or $0.48, where bearish traders might be prompted to sell.