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Cryptocurrency News Articles
Whale Moves 176 Million DOGE to Binance as Cryptocurrency's Price Climbs
Oct 21, 2024 at 05:48 am
Today, on Binance, the biggest cryptocurrency exchange in the world, an unprecedented and mysterious transfer of DOGE tokens worth tens of millions of dollars occurred.
A massive DOGE whale shifted 176 million tokens, valued at over $25 million, to Binance today, as the cryptocurrency continues to soar in price.
Whale Moves 176 Million DOGE to Binance
At the world's largest cryptocurrency exchange Binance today, an immense and cryptic transfer of tens of millions of dollars' worth of DOGE tokens occurred.
Specifically, 176.64 million DOGE, valued at around $25.05 million, were sent to Binance today, Oct. 20, as reported by Whale Alert.
The source of the transfer was a wallet labeled "DD1h9." This wallet has a long history of transactions, indicating that it is not new.
Despite the low DOGE balance, the wallet has shifted around 15.54 billion coins, which is valued at $2.16 billion at today's rates.
It can thus be inferred that the wallet is not anonymous and that a major participant has recently staked over $25 million in Dogecoin on the most centralized cryptocurrency exchange.
Binance Likely Facilitating Transfer
However, given that Binance is facilitating the transfer, there may not be any drama involved.
The scale and frequency of transactions involving this address both offer some indication of this.
Nevertheless, the timing of the transfer to the exchange as Dogecoin breaches the crucial $0.14 per DOGE price point is interesting, as noted by U.Today.
This "storming" is notably occurring as the meme cryptocurrency has surged over 25% year-to-date and hit four-month highs.
DOGE Hits 4-Month High as Whale Cashes Out
This transfer could already be a major player's attempt to cash out, especially considering the price increase.
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