Did #Dogecoin Whale Buy $52.3 Million From #Binance ?
On-chain data reveals a Dogecoin whale made a significant Binance withdrawal today, which may boost its price.
Whale Alert reports a significant Dogecoin blockchain transfer from the past day.
The network moved 304,588,737 #DOGE , worth $52.3 million, in this transaction. The big transfer suggests a larger entity was engaged.
Whales influence the network owing to their large purses of tokens. Since they may trigger market swings, their actions are worth watching.
These massive entities' movements will effect the market depending on what they do with them. Naturally, an investor's intentions cannot be predicted.
However, the transaction addresses may reveal the whale's goals.
Recent Dogecoin whale transactions, with addresses, are below.
Dogecoin Whale Outflow
Whale Alert reports that this big shift on the Dogecoin blockchain only cost $0.03.
This Dogecoin transaction was made using a Binance wallet. The relocation seems to have gone to two unknown destinations.
Unknown addresses are wallets not linked with centralized entities like exchanges (the sender in this transfer is a “known” wallet owned by Binance). These addresses are usually investors' self-custodial wallets.
Coin transfers from exchanges to self-custodial businesses are called “exchange outflows.” Investors making such movements usually want to store their currencies long-term since it's safer outside these platforms, which regulate wallets.
Exchange outflows may also indicate new purchasing, since some investors instantly retract their purchases on these platforms.
The enormous Dogecoin currency outflow in the present scenario might be positive for investors if the whale is accumulating.
However, the whale may withdraw to sell P2P. It might be bearish for the asset.
