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Dogecoin Whale Takes $52.3 Million In DOGE Off Binance, Sign Of Buying?
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Whale Takes $52.3 Million In DOGE Off Binance, Sign Of Buying?

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Dogecoin Whale

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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.

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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.

Dogecoin Whale Outflow

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.

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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.

Dogecoin Price Chart

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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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.

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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
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