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According to on-chain data from Nansen, a newly created wallet withdrew 32.9 million DOGE worth $6.96 million from major crypto exchange Binance in recent hours.
One of the reasons coins are withdrawn from exchanges is for the purpose of buying, although other reasons, such as a shift to cold wallets, away from exchanges, might be likely. A shift to cold storage might imply an intent to hold for a longer period rather than immediate selling.
In this case, the Dogecoin stash moved to a newly created wallet, which might indicate buying, with a new large holder or whale being born in the process.
This move coincided with a sharp drop in the market, which wiped out overleveraged long positions.
Over the last 24 hours, $809.57 million were wiped out in liquidations across various crypto assets. Longs accounted for the majority, totaling $697.53 million, while shorts liquidation amounted to $112.53 million.
Large holders or whales often take advantage of periods of decline or consolidation to accumulate at a discount.
Dogecoin news
Dogecoin saw a sharp price drop on Monday as the markets fell owing to macroeconomic concerns. DOGE sharply fell from $0.234 to $0.209 on Monday, extending its sell-off from Aug. 23 to mark three days of dropping.
Dogecoin rebounded from its low but was still lower on the day, trading in red in the last 24 hours. Around press time, DOGE was down 4.1% in the last 24 hours to $0.23 and down 3.81% weekly.
On the macroeconomic front, investors will look to the personal consumption expenditures price index, the Fed’s preferred inflation gauge, later in the week.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team