118 Million Dogecoin Stuns Major Crypto Exchange: Details
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According to the crypto data tracker Whale Alert, a staggering 118,925,431Â 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, â118,925,431 DOGE worth $13,308,971 transferred from unknown wallet to Binance.â This large transaction sparked speculation and curiosity about the intentions behind the move, which remains unknown.
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.
The Dogecoin price rose alongside the crypto markets, reaching highs of $0.1155 in Fridayâs 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 fundsâ 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. Dogecoinâs attempt to stretch its price surge past $0.1155 near the daily SMA 50 faltered as the price met selling.
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