An unusual mystical transfer of tens of millions of Dogecoin (DOGE) tokens took place today on the world's largest crypto exchange, Binance. Thus, according to a report by Whale Alert, 176.64 million DOGE, worth more than $25.05 million, were transferred to Binance today, Oct. 20.

The transfer was made from an address with the code "DD1h9." This wallet is not new and has an extensive transaction history. There is not much DOGE left on it now, but all over the time almost 15.54 billion coins have passed through the wallet, equivalent to $2.16 billion at current prices.

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So we can conclude that there is a big player behind the wallet, and they have just deposited over $25 million in Dogecoin on the largest centralized crypto marketplace.

🚨 🚨 176,644,458 #DOGE (25,054,559 USD) transferred from unknown wallet to #Binancehttps://t.co/UJebSiavns

— Whale Alert (@whale_alert) October 20, 2024

At the same time, there may be no drama here and Binance itself is behind the transfer. This can be partially confirmed by the size and frequency of transactions involving this address.

Dogecoin (DOGE) price outlook

In any case, it is curious that the transfer to the exchange occurred while Dogecoin was storming the important $0.14 per DOGE price level.

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The fact that this "storming" is taking place against the backdrop of the cryptocurrency's meme price rising by more than 25% over the year and reaching four-month highs also adds to the intrigue.

DOGE to USD by CoinMarketCap

In such an environment, this transfer may already look like the desire of a major player to take profits and move to cash, taking advantage of the price rise.