Recently, 200 million Dogecoin were transferred from an unknown wallet to Binance. According to Whale Alert, '200,000,000 Dogecoin worth $59,925,858 were transferred from an unknown wallet to Binance.' Large transfers to cryptocurrency exchanges like Binance may indicate some potential scenarios. This could suggest an intention to trade or sell. This move may be part of Binance's liquidity supply preparations; however, the specific reasons remain unknown.
After a drop earlier this week, Dogecoin began to rebound, with prices rising nearly 13% in the past 24 hours, trading at $0.323. This increase coincides with a broader market recovery, as several major cryptocurrencies also saw gains following a massive sell-off on Friday.
On December 19, Dogecoin fell below the 50-day moving average of $0.36, declining for four consecutive days. Dogecoin hit a low of $0.262 during Friday's trading, then rebounded strongly. In Saturday's trading, Dogecoin rose to an intraday high of $0.35 before retreating slightly. On the positive side, the current rebound is expected to face selling pressure at the daily SMA 50 of $0.36.
If prices continue to fall, Dogecoin may drop to a low of $0.23. The first sign of strength would be a breakout and a close above $0.36, with potential targets at $0.42 and $0.48. The number of Dogecoin holders has risen to 6.6 million. According to a recent report from IntoTheBlock, meme coins are one of the top five trends reflecting the shift in the crypto space in 2024. Besides Bitcoin, meme coins represent another growing segment of the cryptocurrency industry. In 2024, the total market capitalization of meme coins increased by over 400%, achieving strong momentum in both the first and fourth quarters. IntoTheBlock added that throughout 2024, the total market capitalization of meme coins grew by nearly 11 digits. Consistent with this, the number of meme coin holders accelerated in 2024, with addresses holding Dogecoin surpassing 6.6 million, thanks to its association with Elon Musk and his Efficiency Department (DOGE).