200 Million DOGE Worth $60 Million Was Recently Shifted to Binance

Major transfers to crypto exchanges such as Binance can indicate a few potential scenarios. It could indicate an intention to trade or sell.

A large sum of Dogecoin was recently shifted from an unknown wallet to Binance. According to Whale Alert, "200,000,000 DOGE ($59,925,858) was transferred from an unknown wallet to Binance."

Major transfers to crypto exchanges like Binance can indicate a few possible scenarios. It could be an intention to trade or sell. The move could also be part of preparations for liquidity provision on Binance, but the exact reason is unknown.

🚨 🚨 🚨 200,000,000 #DOGE (59,925,858 USD) transferred from unknown wallet to #Binancehttps://t.co/1sp3fToEdy

After a drop earlier this week, Dogecoin staged a comeback, with its price rebounding nearly 13% in the last 24 hours to trade at $0.323. This rise aligns with a broader market recovery, as several major cryptocurrencies also posted gains following Friday's massive sell-off.

Dogecoin fell below the 50-day SMA at $0.36 on Dec. 19 to mark a four-day drop. The dog coin hit lows of $0.262 in Friday's session before rebounding strongly. The recovery reached an intraday high of $0.35 in Saturday's session before slightly retracing.

On the upside, the current recovery is expected to face selling at the daily SMA 50 at $0.36. If the price continues to drop, Dogecoin could plummet to as low as $0.23. The first sign of strength will be a break and close above $0.36, with potential targets of $0.42 and $0.48.

Dogecoin holders accelerate to 6.6 million

Meme coins were highlighted as one of the five major trends that reflected the shift in the crypto space in 2024, according to a recent IntoTheBlock report.

Meme coins, in addition to Bitcoin, are another sector growing market share in the cryptocurrency industry. In 2024, the total market capitalization of meme coins has climbed by more than 400%, having hit a wave of strong momentum in Q1 and again in Q4. Throughout 2024, the total market capitalization of meme coins climbed nearly 11 figures, IntoTheBlock added.

In line with this, the number of meme coin holders accelerated in 2024, with over 6.6 million addresses now holding Dogecoin, having benefited from its association with Elon Musk and his Department of Government Efficiency (D.O.G.E).