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In a whirlwind day for Dogecoin, over 439 million DOGE worth $184 million shifted across major exchanges and wallets. The transfers involving Binance, Coinbase, and Robinhood suggest possible market preparation or heightened security measures as DOGE prices dropped 3.22%.
Whale Transfers Trigger Dogecoin Speculation
Over 439 million Dogecoin (DOGE) have been transferred in the past 24 hours, causing quite a stir in the cryptocurrency community.
Whale Alert, a blockchain data watcher, revealed four large transactions worth more than $184 million, totaling more than 439 million DOGE, at different intervals in the previous day.
From Binance to an unknown wallet, $48,848,984 DOGE were transferred. From that wallet, 131,812,162 DOGE were transferred to Coinbase, $54,139,177. From Robinhood to Coinbase, $30,623,248 DOGE were transferred. Finally, between unknown wallets, $50,785,617 DOGE were transferred.
439 Million DOGE Movement Spurs Exchange Activity Speculation
There are a number of explanations that could explain the transfer of so much Dogecoin. Some of these transfers may have been associated with exchange activities, given the involvement of Binance, Coinbase, and Robinhood.
Asset transfers for liquidity or trade preparation are examples of what may be involved. In this case, transfers to and from anonymous wallets could mean two things: first, that you're planning to sell, and second, that you're planning to buy.
The relocation of funds to cold storage or the update of wallet protocols are two examples of security measures that might be indicated by wallet-to-wallet transfers.
Whales Positioning for Market Shifts Amid Dogecoin Decline
One possible method of purchase is an OTC (over-the-counter) transfer, which doesn't involve a trading platform. Whales may be positioning for the next price movement in Dogecoin, taking advantage of past pricing patterns, or planning for market upheavals.
According to U.Today, Dogecoin had fallen 3.22% in the past 24 hours, reaching $0.41, due to selling pressure in the cryptocurrency market.
The last 24 hours saw the liquidation of $536.35 million in crypto holdings, with $21.39 million in long Dogecoin contracts and $11.32 million in bearish bets on the cryptocurrency, according to statistics from CoinGlass.
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