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An unknown wallet that had been inactive for nearly two years just came back online and withdrew 10,366,683 DOGE from Binance. Considering the price of DOGE today, the value of the meme coin stash offloaded from the world's largest exchange exceeds $2.25 million.
Based on an on-chain trail, a Binance hot wallet saw an exit of 10.266 million DOGE, which is about $2.23 million, in one go.
Before that, however, two smaller amounts of 100,000 DOGE and 199.88 DOGE were withdrawn. The final balance of the recipient is now 10.367 million DOGE and 1 BNB, for a total value of just over $2.25 million.
What makes it stand out is the gap in activity. The same wallet only had ETH and some stablecoins in it back in 2021-2022, then it just went quiet. Now, after two years, the reactivation brings "the whale" back onto the radar.
Dogecoin (DOGE) price outlook
All this happens while Dogecoin is trading at $0.218. The "meme coin king" is still consolidating in a horizontal channel it's been in for most of the year.
The resistance is at about $0.35 on the weekly chart, and the deeper support is close to $0.09. The price is moving sideways, volatility has narrowed, and now one of the larger holders is suddenly active.
It doesn't give the whole story, but it adds another piece to the puzzle of how DOGE sets up for the next stretch "to the north." If there will be one, of course.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team