Dogecoin Whale Takes $52.3 Million In DOGE Off Binance, Sign Of Buying?
06 Aprile 2024 - 3:00AM
NEWSBTC
On-chain data shows a Dogecoin whale made a large withdrawal from
Binance today, which may be bullish for the memecoin’s price. A
Large Amount Of Dogecoin Has Left The Binance Platform In The Past
Day According to data from the cryptocurrency transaction tracker
service Whale Alert, a large transfer has been spotted on the
Dogecoin blockchain during the past day. In this move, the network
has processed the movement of 304,588,737 DOGE, worth around $52.3
million when the transaction was executed. Given the large scale of
the transfer, it’s likely that a whale entity was involved. The
whales are influential on the network due to the sheer number of
tokens they carry in their wallets. As such, their moves can be
worth keeping an eye on since they may cause noticeable
fluctuations in the market. Related Reading: This Bitcoin Indicator
May Have Signaled Latest Market Downturn In Advance How the market
would be affected by the moves from these humongous entities
depends on what they intend to do with those moves. Naturally, it’s
impossible to say what an investor plans to do confidently. The
type of addresses involved in the transaction, however, can
sometimes at least provide a hint about what the whale may have
wanted to achieve with the move. Below are the details of the
latest Dogecoin whale transaction, which reveals its relevant
addresses. Looks like this massive move only required a negligible
fee of $0.03 to be possible on the Dogecoin blockchain | Source:
Whale Alert As is visible, this Dogecoin transaction was executed
from a wallet connected to the cryptocurrency exchange Binance. The
destination of the move appears to have been a couple of unknown
addresses. An unknown address refers to a wallet not affiliated
with any centralized entity like an exchange (the sender in this
transfer is a “known” wallet as it’s attached to a central entity
in Binance). Generally, such addresses are the investors’ personal,
self-custodial wallets. Transfers where coins move in the direction
of exchanges to self-custodial entities are known as “exchange
outflows.” Usually, investors make such moves when they plan to
hold onto their coins long-term, as it’s safer to do so outside of
these platforms, where the platforms control the wallets. Exchange
outflows can also sometimes be an indication that fresh buying is
going on, as some investors like to immediately withdraw their
purchases of these platforms. Related Reading: Bitcoin Short-Term
Holders Capitulate: $5.2 Billion Sold At Loss Given the relatively
massive scale of the Dogecoin exchange outflow in the current case,
it can naturally be bullish news for investors if the whale is
indeed accumulating here. However, the scenario also exists where
the whale has withdrawn to sell through the peer-to-peer (P2P)
mode. In this case, the effect on the asset could be bearish
instead. DOGE Price At the time of writing, Dogecoin is floating
around $0.176, down 16% over the past week. The price of the asset
seems to have been going down recently | Source: Whale Alert
Featured image from Mike Doherty on Unsplash.com, chart from
TradingView.com
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