According to WhaleAlert, 151 million Dogecoin was moved from Binance to an unknown wallet in recent hours. The crypto data tracker reported 151,605,154 DOGE worth $12,094,316 being transferred from Binance to the unknown wallet.
While a purchase by a large whale cannot be ruled out, the transfer seems to be an internal wallet reshuffling, as a peek to get further details reveals transfers between Binance wallets.
One of the Dogecoin transfers was spotted by DogeWhaleAlert, which reported that 90,071,993 DOGE worth $7,202,066 were transferred from multiple wallets to a Binance wallet.
🐕🪙🐋🚨🚨🚨🚨🚨🚨🚨🚨🚨— Ðogecoin Whale Alert (@DogeWhaleAlert) April 23, 2023
90,071,993 $DOGE ($7,202,066 USD) was transferred from multiple wallets to a #Binance wallet.
Fee: 0.013 ($0.001 USD)
Tx: https://t.co/i9BpqA3grh#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews
Other Dogecoin transfers captured by DogeWhaleAlert include that of 12,999,996 DOGE worth $1,046,786 moved from a Binance wallet to an unknown wallet.
DogeWhaleAlert also reported five transactions of 5,000,000 DOGE worth $400,290 shuffled between Binance wallets.
As reported, Dogecoin debunked the claim that private investors, or so-called "whales," own particular wallets that hold a large percentage of its supply.
In actuality, it clarifies that many of the most popular Dogecoin wallets are cold wallets or hot wallets managed by exchanges and brokers, and as a result, they represent Dogecoin that is being held in custody by thousands of individuals.
What's next for Dogecoin price?
After six consecutive days of increases, Dogecoin fell to bears' activity as traders booked profits. The dog-themed cryptocurrency plunged to a low of $0.076 on April 21, following three straight days of losses in the crypto market.
Following that, Dogecoin began to recover and, at the time of writing, was up 1.6% in the last 24 hours at $0.08.
On the upside, a near-term intermediate barrier for Dogecoin remains at $0.082, which coincides with the daily MA 200. Meanwhile, Dogecoin needs to hold above the daily MA 50 support at $0.079 to trend higher.
On the contrary, further declines below the $0.076 support might see a retest of levels near $0.071.