According to the Whale Alert posted on the X ( formerly known as Twitter)

The recent transfer of 200 million $DOGE to an unknown wallet on Binance, valued at approximately $59,925,858 USD, has sparked speculation about its purpose.

While the exact reason remains unclear, potential scenarios include trading, selling, or preparation for liquidity provision on the exchange.

Following this event, Dogecoin experienced a decline, reaching a low of $0.262 on December 19th. However, it has since rebounded, currently trading at $0.35.

Looking ahead, the current recovery is expected to face resistance at the daily Simple Moving Average (SMA) 50, currently at $0.36.

A sustained break and close above this level would signal strength, with potential upside targets of $0.42 and $0.48. Conversely, a failure to break above the SMA 50 could lead to further declines, potentially pushing Dogecoin's price as low as $0.23.

Reference :

https://u.today/200-million-dogecoin-stuns-binance-in-major-move