151 million Dogecoin (DOGE) moved from Binance; how will it affect the price?

A recent transfer of 151 million Dogecoin from Binance to an unidentified wallet was reported by WhaleAlert. The cryptocurrency data tracker noted a transfer from Binance to an unidentified wallet for 151,605,154 DOGE valued at $12,094,316.

Although it cannot be completely ruled out that a major whale made the purchase, the transfer appears to be an internal wallet shuffle because a peep to gain more information reveals transactions between Binance wallets. DogeWhaleAlert noticed one of the Dogecoin transfers, noting that 90,071,993 DOGE worth $7,202,066 were transferred from several wallets to a Binance wallet.

DogeWhaleAlert also noted the transfer of 12,999,996 DOGE worth $1,046,786 from a Binance wallet to an unidentified wallet. Five transactions totaling 5,000,000 DOGE worth $400,290 were reported by DogeWhaleAlert as being moved across Binance wallets.

Dogecoin refuted the assertion that individual investors, or so-called “whales,” own specific wallets that contain a sizable portion of its supply, as was previously stated.

The truth is that it makes clear that many of the most well-known Dogecoin wallets are either cold wallets or hot wallets run by exchanges and brokers, and as a result, they represent Dogecoin which is being held in custody by thousands of people.

Dogecoin sank to bear action after six days of gains as traders booked profits. On April 21, the dog-themed cryptocurrency crashed to a low of $0.076 due to three straight days of market losses. After then, Dogecoin started to bounce back, and at the time of writing, it had increased 2% in the previous day to $0.795.


DOGE/USD 4-hour chart | Source: TradingView

A short-term, intermediate hurdle on the upward for Dogecoin is still at $0.082, also the location of the daily MA 200. To continue upward, Dogecoin must maintain above the daily MA 50 support at $0.079. On the other hand, a retest of levels close to $0.071 can occur if prices continue to fall below the $0.076 support.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like