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According to Whale Alert, 500,000,000 DOGE, the equivalent of over $106 million was sent straight into Binance's hot wallet from an unidentified wallet just within the last hour.
When such a large amount of tokens enters an exchange wallet, especially the world's biggest one, questions pop up as to whether it is setting up for a sell-off, a liquidity move between entities or simply someone done holding all these coins and deciding to dump them.
That is not to say that the sending wallet itself is a stranger to large moves. The mysterious whale has overseen inflows of over 12 billion DOGE and outflows of nearly 10 billion DOGE, while still holding over 24 billion coins, even after today's transaction.
Binance’s Dogecoin address, on the receiving end, is already one of the biggest in the DOGE world. The exchange's holdings put it above 820 million DOGE at last check, and this single transfer added more than 2% to its balance.
Dogecoin (DOGE) price today
Not only is the amount eye-catching, but it also lines up with the current market setup. Dogecoin has been moving within a narrow range between $0.20 and $0.24 for most of August, failing to maintain the highs above $0.29 reached in July.
It remains to be seen whether the price will react to this sudden injection of supply, but the numbers and direction may cause concern for those still holding major meme cryptocurrency. Considering how volatile the digital assets market has been recently, this transfer will for sure keep DOGE enthusiasts on edge.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team