• A Dogecoin whale moved $21.7 million worth of DOGE to Binance, something that could be bearish for the coin’s price.
• The whale was holding an extreme balance of 1,981,615,531 DOGE (worth around $143.5 million at the time).
• Most of the coins were transferred to an unknown wallet while 299,999,999 DOGE (about $21.7 million) were deposited into Binance’s address.
Dogecoin Whale Moves More Than $21 Million
A Dogecoin whale has recently moved a massive amount of DOGE worth over $21 million to cryptocurrency exchange Binance and another unknown wallet in a single transaction – something that can be bearish for DOGE’s price.
Whale Holding Extreme Balance
Before this movement took place, the whale was holding an extreme balance of 1,981,615,531 DOGE (worth around $143.5 million at the time the transfer was executed). The transaction itself only costed 0.00328353 DOGE in fees according to Whale Alert data.
Transfer Destinations
The bulk of this Dogecoin transfer went towards an unknown wallet with 1,681,615,531 DOGE or $121.7 million being sent there while 299,999,999 DOGE (about $21.7 million) were deposited into an address attached to Binance – likely for selling-related purposes as this is one of the most common reasons why whales move their coins from self-custodial wallets to exchanges like these.
Implications For Price?
Such selling can have short-term bearish implications for the price of Dogecoin as it means more coins are entering circulation and being sold on exchanges so it is important to keep an eye out when large holders like these whales start moving their funds around in such large amounts as it can have a noticeable effect on market dynamics due to all the capital involved in them.
Conclusion
In summary then we can see that this latest transaction from a Dogecoin whale is worth noting as they have transferred more than $21 million worth of coins across two different destinations; one being Binance which implies they may want to sell some and another unknown address where most likely they are hodling their remaining funds securely away from centralized exchanges until further notice or needed liquidity arises again down the line once prices stabilize more properly in either direction following any potential dumps or pumps that may occur post-whale movements like these ones here today!