439 million Dogecoin moved, sparking speculation about market shifts and trends.
Over 439 million Dogecoin (DOGE) moved in the crypto world in just 24 hours. Investors and analysts have taken notice of these transfers, which are worth more than $184 million.
Blockchain tracking tool Whale Alert said there were four major Dogecoin transactions, the first of which occurred when 117.9 million DOGE, or approximately $48.8 million, was transferred from Binance to an undefined wallet.
Shortly afterward, 54.1 million dollars worth of 131.8 million DOGE, was moved from an undisclosed wallet to Coinbase. One other transaction involved Robinhood moving 70 million DOGE to Coinbase worth $30.6 million and another 120 million DOGE, around $50.8 million, moving between two unknown wallets.
Dogecoin’s Market Challenges: Liquidations and Price Drops Explained
There’s just so many of these movements it’s kinda sparked a bunch of theories within the crypto community. Transactions made with the major exchanges, such as Binance, Coinbase and Robin Hood, may indicate that these transfers have an exchange-related activity such as a liquidity adjustment or for preparing for future transactions.
Traders are speculating on future price trends based on the direction of funds: deposits potentially a sign that that funds will be sold and withdrawals a signal that funds might be bought.
Wallet to wallet transfers, particularly between two wallets we don’t understand, could mean that investors were securing their funds, possibly by moving funds to cold storage or making some changes to that wallet’s protocols. In addition, some equate this with over the counter (OTC) transactions where large investors (or “whales”) might be getting ready for some big moves in the market.
Overall market selling pressure has put pressure on Dogecoin’s price which dropped 3.22% and traded at $0.41 at the time of writing. $11.3 million tied to Dogecoin longs and $21.4 million of bearish bets was liquidated on the DOGE crypto positions in the past 24 hours, CoinGlass reports, totaling $536 million.
Dogecoin’s development community is meanwhile releasing Dogecoin Core version 1.14.9, a critical update which fixes bugs which were inherited from Bitcoin in both Namecoin and Bitcoin Core that improve the network functionality.
