Dogecoin (DOGE) spread: nearly one billion Dogecoin (DOGE) was transferred from the Binance exchange to an unknown wallet, about $169.2 million. The rarity of such large movements is what has captured so much of the interest of the crypto community around this significant transaction recorded by Whale Alert.
The ‘massive transfer’ allegedly made 999,999,999 DOGE also worth $169,209,520 from Binance to an unknown wallet has prompted conversations around the potential reasons for this. Involving institutional investors or some major holders typical who will also make the deal busier.
Dogecoin Surges Over 10% Amid Market Downturn
That unknown wallet may be the/institutional investor or a whale who is moving the assets to cold storage. Usually transferring such a big amount outside of the exchange means one is holding it long term instead of doing a short term sell off.
Restrictions on withdrawals limits can also be indicative that investors are planning to accumulate, as an odd for high withdrawal limits suggests that investors who wish to store their funds asset safe might nonetheless choose to escape exchanges.
What’s interesting is that this comes on the back of a positive performance for Dogecoin in a wider market slump. Dogecoin has soared over 10%, whereas Bitcoin (BTC) has fallen of over 3% and most other big cryptocurrencies have dropped on average between 1% to 5% in the past 24 hours.
Traders and analysts are keeping a close eye on a possible golden cross that would mark Dogecoin golfing on the road to the top. A similar amount, or 46,400 Dogecoin wallets have surged in one week, showing growing interest in this popular cryptocurrency.
Dogecoin is currently trading at $0.171 at the time of writing, 9.21% up in the last 24 hours and 5.11% up in the past week. As the crypto market does its dance around itself, it is the consensus of the community that the market is doing this to test whether Doge can be used as a currency or not.
