Dogecoin Whale Withdraws 122 Million DOGE From Binance
An on-chain analysis reveals a significant Dogecoin transaction involving 122.4 million DOGE, valued at approximately $28.5 million, withdrawn from Binance by a whale investor.
- The transaction indicates a shift of funds to an unknown wallet, suggesting self-custody, known as "Exchange Outflows."
- Exchange Outflows typically imply long-term holding intentions and can have a bullish impact on the asset's price.
- This move follows an 18% price drop in Dogecoin over the past week, possibly indicating accumulation by the whale at lower prices.
- The Dogecoin whale cohort has collectively increased their holdings by 2 billion DOGE (around $465 million) recently.
Currently, Dogecoin is trading at about $0.23, experiencing a decline of more than 4.5% in the last 24 hours.
