In a flurry of activity that has caught the attention of the crypto community, over 439 million Dogecoin (DOGE) have been moved in the last 24 hours.
At various points in the past day, Blockchain data tracker Whale Alert reported four major transactions totaling over 439 million DOGE and worth over $184 million. These include: 117,893,137 DOGE worth $48,848,984 transferred from Binance to an unknown wallet; 131,812,162 DOGE worth $54,139,177 transferred from an unknown wallet to Coinbase; 70,000,000 DOGE worth $30,623,248 transferred from Robinhood to Coinbase and 120,000,000 DOGE worth $50,785,617 transferred between unknown wallets.
🚨 🚨 117,893,137 #DOGE (48,848,984 USD) transferred from #Binance to unknown wallethttps://t.co/uGqgOmPTUY:
— Whale Alert (@whale_alert) December 2, 2024
The movement of such a large amount of Dogecoin suggests several possible scenarios. The transfers involving Binance, Coinbase and Robinhood indicate that some of these transactions might be related to exchange activities. This could include transferring assets for liquidity or preparation for trading. In this scenario, movement to and from unknown wallets might have two implications: deposits to exchanges might imply an intent to sell, while withdrawals might imply buying.
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Wallet-to-wallet transfers might signal efforts to enhance security, such as moving funds to cold storage or updating wallet protocols. The transaction could be one of buying via OTC (over-the-counter transfer), which occurs outside of an exchange. Whales could be preparing for market shifts, capitalizing on Dogecoin's previous price patterns, or positioning for the next price movement.
Dogecoin price, new core update
At the time of writing, Dogecoin was down 3.22% in the last 24 hours to $0.41, as the crypto market faced selling pressure.
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According to CoinGlass data, $536.35 million in crypto positions have been liquidated in the last 24 hours, including $21.39 million in Dogecoin long positions and $11.32 million in Dogecoin bearish bets.
In other Dogecoin news, Dogecoin Core version 1.14.9, a new minor version release with important bug fixes, has been released. Notable changes in the release include important updates that solve upstream bugs from Bitcoin Core and Namecoin Core that were inherited by Dogecoin Core.
