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With the market recording more than $630 million in crypto liquidations in the past 24 hours, securing profits and cutting losses remains the goal for market whales. This became evident with a recent Dogecoin (DOGE) transfer to Binance, sparking sell-off concerns.
Dogecoin to Binance: Are whales selling?
The market has witnessed massive DOGE whale movements in the past few weeks. The latest, as spotted by Whale Alert, features 400,000,000 DOGE, valued at $137,793,702 when the transfer was made. This massive DOGE came from an anonymous whale; the move has inspired multiple interpretations.
Tomiwabold OlajideGenerally, when whales move their coins to a trading platform, the idea is to sell off the asset. However, other possibilities abound, including deploying the funds to partake in yield or farming offerings the exchange offers.
Assuming the plan is to sell, Dogecoin is hemorrhaging as bears take over the market. When writing, the meme coin was trading at $0.3441, down by 9.29% in the past 24 hours. For an altcoin that boasts marginal growth over the past week, this latest drawdown has made it pare its gains in the trailing seven-day period.
Considering this trend, the whale might have sent the DOGE to Binance to cut its losses.
Not unusual trend
It is worth noting that the Dogecoin transfer to Binance is not an unusual trend. As reported earlier by U.Today, a single whale moved at least 90 million DOGE to the top exchange over the weekend.
Gamza KhanzadaevDOGE whales are also quite active on other trading platforms, with the liquidity to fulfill the sell-off orders. Amid this sell-off, there is a bright side. When sell-offs reach a cliff, the circulating supply faces a slight dent, which can help restore confidence and market recovery.
This trend is expected in the coming weeks, a shift that may be fast-tracked if Bitcoin’s price recovers.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Denys Serhiichuk
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov