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Dogecoin Bearish Signal: Whale Deposits $21.7M In DOGE To Binance

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Data shows a Dogecoin whale has moved $21.7 million worth of DOGE to Binance, something that can be bearish for DOGE’s price.

Dogecoin Whale Has Transferred More Than $21 Million To Binance

According to data from the cryptocurrency transaction tracker service Whale Alert, a massive transfer has been spotted on the Dogecoin blockchain during the past day. The sending entity of this transaction was likely a whale since the amount involved here is so large.

Movements from these humongous holders can generally be something to look out for, as the huge amount of capital involved in them may cause noticeable effects on the market.

Below are the complete details related to today’s Dogecoin whale transfer, which may help shed some light on what the investor may have intended to accomplish with the move.

Looks like this massive movement only cost the sender a minute fee of 0.00328353 DOGE | Source: Whale Alert

As you can see above, the sending address in the case of this Dogecoin transfer was an unknown address, meaning that it was unattached to any known centralized platform (like an exchange).

Before the transaction happened, this sender was holding an extreme balance of 1,981,615,531 DOGE (worth around $143.5 million at the time the transfer was executed), implying that the whale was one of the largest on the network. In this transaction, however, it seems that the whale has emptied their wallet.

There were also two destinations for these coins: an address attached to the cryptocurrency exchange Binance and another unknown wallet. The bulk of the transfer looks to have gone towards the latter (1,681,615,531 DOGE or $121.7 million).

Generally, one of the most common reasons why an investor would transfer their coins from a self-custodial wallet to an exchange is for selling-related purposes.

Since 299,999,999 DOGE (about $21.7 million) from this latest transfer has been dep

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Author: Hououin Kyouma

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