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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

$54 Million In Dogecoin Exits Binance As Price Crashes 9%: Sign Of Buying?

Keshav Verma
Keshav Verma
3 months ago
2 mins read
Ethereum Whales

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Este artículo también está disponible en español.

On-chain data shows a Dogecoin whale has withdrawn a large sum from the cryptocurrency exchange Binance, a sign that may be bullish for the DOGE price.

Dogecoin Whale Makes Massive Binance Withdrawal After Crash

According to data from the cryptocurrency transaction tracker service Whale Alert, a massive transaction has been spotted on the Dogecoin blockchain during the past day.

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The transfer in question saw the movement of 175,274,112 DOGE across the network, worth around $54.7 million at the time the sender executed the move.

Given the size of the transaction, it’s likely that a whale entity was responsible for it. Whales are the large investors in the market who own notable amounts of the asset in their wallet balance.

The influence of any investor on the network goes up the more coins that they hold, so the whales with their massive holdings can have an important presence. As such, their behavior can be something to watch for.

How the moves of a whale might affect the asset comes down to what they intended to achieve with it. Due to the anonymous nature of the blockchain, though, it’s often not easy to comment on the intent behind any transfer.

Luckily, in the case of the current transaction, there is one identifiable feature attached to it: a wallet associated with a centralized platform. Below are the address details for this Dogecoin whale transfer.

Dogecoin Whale
Looks like the whale had to pay a fee worth just $0.05 for this massive move to go through | Source: Whale Alert

As is visible, the receiving address in the case of the transfer was an unknown wallet, meaning that it can’t be traced to any known central entity. Such addresses are likely to be the investors’ personal wallets.

The sending address, on the other hand, was attached to the cryptocurrency exchange Binance. Moves like this, where tokens flow from an exchange to a self-custodial address are known as exchange outflows.

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Generally, the investors take their Dogecoin off into self-custody when they plan to hold into the long term, so exchange outflows can have bullish implications for the memecoin’s price.

The whale has made this latest exchange outflow following a sharp decline in the price of Dogecoin, so it’s possible that these were all tokens freshly bought at the lower price. If so, this would naturally be a positive sign for the asset, as it suggests the large investors think this dip of the memecoin is worth accumulating at.

DOGE Price

At the time of writing, Dogecoin is floating around $0.32, down more than 10% over the past week.

Dogecoin Price Chart
The price of the coin appears to have gone through a steep drawdown in the past day | Source: DOGEUSDT on TradingView
Featured image from Dall-E, whale-alert.io, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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