On-chain data shows that despite the price drop of Dogecoin, a Dogecoin whale has withdrawn a large amount from the cryptocurrency exchange Binance.
Dogecoin whales made significant moves in the past day
According to data from the cryptocurrency transaction tracking service Whale Alert, there was a large-scale transfer on the Dogecoin blockchain in the past day. This transfer involved nearly 122400000 DOGE, which was worth approximately 28.5 million dollars at the time of network processing.
Given the scale of this transaction, the manipulators behind the scenes are likely to be whales. Whales refer to large investors in cryptocurrency who have a certain influence in the market due to their substantial holdings. Given the status of these holders, every move they make is worth watching. These transfer actions may not directly affect the price of memecoin, but they still reflect the sentiment of these giants.
However, many of the transfers are anonymous, meaning it is difficult to infer any information from them. Fortunately, the latest Dogecoin whale transaction involves a wallet that has been identified. Here are the address details related to the transfer.
It can be seen that the sending address of this Dogecoin whale transaction belongs to a wallet associated with the cryptocurrency exchange Binance. The receiving address, however, is an unknown wallet, indicating that it is likely an investor's self-custody address.
This act of moving tokens from centralized exchanges to self-custody platforms is known as 'exchange outflows.' Typically, holders transfer tokens out of the custody of these platforms when they plan to hold them for the long term, so 'exchange outflows' can have a positive impact on asset prices.
Interestingly, the latest outflow of funds from the Binance exchange whale occurred in the past week, following a nearly 18% drop in the price of this meme coin. Therefore, this outflow of funds may be related to large investors accumulating Dogecoin (DOGE) at a low price.
Speaking of purchases, as analyst Ali Martinez pointed out in a post on X, the Dogecoin whale community has added a significant amount of assets to their wallets over the past few days.
As shown in the figure above, the total supply of investors holding 100 million to 1 billion Dogecoins increased by 2 billion DOGE (approximately 465 million USD) during this period.
DOGE price
At the time of writing, the trading price of Dogecoin is approximately $0.23, having fallen more than 4.5% in the past 24 hours.
