In the Dogecoin (DOGE) space earlier today, the community noticed a large exchange withdrawal of the memecoin. Whale Alert reported that over 103 million DOGE, valued at approximately $11.2 million, were transferred from the now-defunct crypto exchange Bittrex to an unknown wallet. This follows as Bittrex, which declared bankruptcy in May 2023, is in the process of closure.
Bittrex had closed its operations in the United States earlier and announced a total shutdown in November 2023. This ended trading operations on the platform on December 4 of that year. Nonetheless, customers have been allowed to redeem their funds, and Today’s DOGE transaction is part of this process.
Also Read: Dogecoin’s 2024 Performance and Potential Ahead
Holder Secures Dogecoin for the Long-Term
The large DOGE withdrawal was bullish because the holder had just transferred his coins into a private wallet. This implies no particular trading action; instead, it means holding the specific securities for the long term. Generally, crypto traders move them to personal wallets if they have no intention of trading them anytime soon. Such behavior may be due to an expectation of better future returns or fear.
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Following this massive transfer, Dogecoin’s price has continued to swing sideways. As of press time, DOGE is trading at $0.1042, down 1.55% in the last 24 hours. The meme coin’s market capitalization has also dropped by 1.81% to $15.16 billion. Despite these decreases, Dogecoin has seen a significant 19.65% increase in trade volume over the previous 24 hours, hitting $1.37 billion. Even though the coin is still in a consolidation period, this increase in volume indicates significant investor interest.
Conclusion
Though routine, the substantial Dogecoin withdrawal from Bittrex highlights the ongoing activity and interest in the meme coin. While the price of DOGE has remained relatively volatile, the increase in trading volume indicates that the market is watching closely. With Dogecoin’s history of sudden reversals and price surges, this period of consolidation could precede significant market movements. Investors and traders will monitor closely as DOGE garners attention in the crypto space.
Also Read: Dogecoin Faces Significant Liquidations Amid Crypto Market Downturn
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.