- Whale alert: 32.9 million DOGE withdrawn amid market downturn.
- New wallet acquisition signals potential long-term hold for Dogecoin.
- Large liquidations spark opportunities for whales to accumulate discounted DOGE.
According to on-chain data from Nansen, a newly created wallet recently withdrew 32.9 million DOGE, valued at $6.96 million, from Binance. This kind of massive purchase poses the question of what the intentions are. Although this withdrawal may reflect buying activity, it may also reflect a movement of the coins into cold wallets to be held long-term.
This massive transfer was accompanied by a considerable fall in the market, thus resulting in massive liquidations. Overall, in the last 24 hours, there has been a liquidation of $809.57 million across various cryptocurrencies.
Of this, $697.53 million was spent on longs, and $112.53 million was spent on shorts. This can also create opportunities for whales to buy in at a discount during such market downturns when prices have dropped because overleveraged positions have been forced out.
Dogecoin’s Market Struggles Amid Broader Economic Concerns
Amid the market decline, Dogecoin experienced a notable price drop, falling from $0.234 to $0.209. This negative trend has continued since August 23, making it a three-day losing streak. Though Dogecoin was able to gain some momentum, it was still trading down 4.1% over the past 24 hours and 3.81% over the week.
The general market fluctuations have been blamed on macroeconomic concerns. Investors are anticipating the release of the Personal Consumption Expenditures (PCE) price index, a key measure of inflation that is closely monitored by the Federal Reserve. The market’s response to this report may significantly affect cryptocurrencies such as Dogecoin in the coming days.
Whales Take Advantage of Market Volatility to Accumulate DOGE
Large holders, or whales, tend to capitalize on periods of market volatility to secure assets at discounted prices. This latest transfer of 32.9 million DOGE indicates that a whale is seizing the opportunity presented by the current market crash to gain a possible long-term profit when the market stabilizes.
This activity underlines the increasing role of whales in the Dogecoin market. Their activities will probably remain influential in determining the way forward for DOGE, particularly during uncertain periods in the market. The actions of these whales may bring much-needed clarity about how well the crypto market can recover.
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