- New Dogecoin whale moves $12M; could it shift the market?
- Binance loses millions of DOGE, signaling possible changes in momentum.
- Whale’s massive Dogecoin stash raises questions about future market movements.
A significant shift in the Dogecoin market occurred recently when a new whale moved a staggering 52.9 million DOGE, worth nearly $12 million, off Binance in under a day. This was done in two big chunks: the first 32.9 million DOGE, and then 20 million DOGE. Both of them were sent into a new wallet, which now contains the total amount.
This huge liquidity drain on Binance has concerned many in the crypto community. Such a concentration of coins is not typical in the case of Dogecoin, whose circulating supply is hundreds of billions, and more to the point, it may represent a change in the market dynamic.
When this amount of DOGE is removed from an exchange, it usually indicates that the owner is not going to sell the coins anytime soon but will hold onto them. Such behavior is usually associated with accumulation over a long period of time.
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Impact of the Whale’s Move on Dogecoin’s Price
The whale’s withdrawal came at a time when Dogecoin’s price had been fluctuating significantly. DOGE had fallen to the level of $0.1899 earlier this week but has since risen to the current value of $0.2205. This price rebound seems to be in line with the massive withdrawals, which suggests that the whale might be engaging in opportunistic buying or even the beginning of a new trend.
At the moment, the most important price level to monitor is $0.2350. Should Dogecoin overcome this resistance, it would indicate more bullish activity. Conversely, if the market proves to be weak, lower liquidity may exert pressure on the price, which may cause a temporary decline.
In the larger picture, a whale with more than 50 million DOGE in its possession injects some form of dynamics into the market. Dogecoin, a cryptocurrency that meme-related price fluctuations have long fueled, is now subject to the power of one organization that has a significant share of the circulating supply. This re-shuffle may result in increased volatility, with fewer coins to trade, making it harder to stabilize prices.
The actual effect of this whale’s move will be seen in the days to come as the market adjusts to the decreased liquidity and increased influence of this enormous position. For now, the cryptocurrency community remains on edge, watching closely for any signs of what might come next for Dogecoin.
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