According to the crypto data tracker Whale Alert, a staggering 118,925,431 DOGE, valued at approximately $13.3 million, was transferred from an unknown wallet to Binance, one of the largest cryptocurrency exchanges in the world.
Whale Alert reported, "118,925,431 DOGE worth $13,308,971 transferred from unknown wallet to Binance." This large transaction sparked speculation and curiosity about the intentions behind the move, which remains unknown.
🚨 118,925,431 #DOGE (13,308,971 USD) transferred from unknown wallet to #Binancehttps://t.co/2s2fGXFVMo
— Whale Alert (@whale_alert) August 24, 2024
The size and timing of the transaction remain significant, fueling speculation as the market faces profit-taking.
Cryptocurrencies surged on Friday as Federal Reserve Chairman Jerome Powell signaled that rate cuts might be implemented in the coming months, indicating that the U.S. central bank is pleased with the slowing of inflation. At this time, investors believe the Fed would lessen its fight against inflation after keeping its benchmark interest rate unchanged since July 2023.
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The Dogecoin price rose alongside the crypto markets, reaching highs of $0.1155 in Friday's trading session before retreating. If today closes in red, Dogecoin would mark its second day of losses.
Deposits to exchanges indicate an intention to sell. This could be the case, as Dogecoin is currently experiencing profit-taking. Alternatively, the transaction might be mere funds' shift by exchanges, institutional players, or whales.
Dogecoin price action
At the time of writing, DOGE was down 1.72% in the last 24 hours to $0.11. Dogecoin's attempt to stretch its price surge past $0.1155 near the daily SMA 50 faltered as the price met selling.
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If the current decline continues, immediate support lies at $0.104 and $0.097. This scenario implies that Dogecoin may stay inside its current trading range for a little while longer.
On the contrary, if price rebounds and buyers can drive Dogecoin above the daily SMA 50 at $0.1133, it might signal the start of a fresh bullish move. Dogecoin may then rise to $0.14 and further to $0.18.
