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Dogecoin (DOGE) witnessed a massive exchange withdrawal earlier today. Notably, this transfer was made from a bankrupt crypto exchange. Whale Alert tweeted that over 103 million DOGE were transferred from Bittrex to an unknown wallet.
The withdrawal is estimated to be worth around $11.2 million, at the current Dogecoin price. Back in November 2023, Bittrex Global announced its complete shutdown after an earlier closure of its U.S. arm. It was revealed that the platform would cease trading on Dec. 4 of that year.
However, withdrawals from the defunct trading platform have been allowed for customers to transfer their assets. The winding down of Bittrex came after the exchange filed for bankruptcy in Delaware in May 2023. Notably, the platform was sued by the U.S. Securities and Exchange Commission (SEC) for operating without regulatory approvals.
Today’s Dogecoin withdrawal is an usual procedure of holders transferring their assets from the defunct exchange. This means that there is no strategic trading move behind it, and there may not be any impacts on the price of the meme coin.
However, the holder has moved the coins to their private wallet, so it is likely that they are planning to hold them for the long term. Crypto traders normally keep their assets in their private crypto wallets when they have no plans to sell them anytime soon.
Dogecoin price impact
Amid this transfer, the price of DOGE has continued its sideways movement. As of press time, the meme coin is trading at $0.1042, after a decline of 1.55% in the last 24 hours. The market capitalization of the coin has also dipped 1.81% to $15.16 billion.
Dogecoin, though, has witnessed a surge of 19.65% in its trading volume in the last 24 hours. Currently at the $1.37 billion level, the rising volume reflects growing investor interest in the coin. While its consolidation phase appears to be continuing, DOGE has a history of igniting a reversal and touching new highs in the cycle.
Gamza Khanzadaev
Denys Serhiichuk