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Whopping Half Billion Dogecoin Vanish into Mystery Wallets as DOGE Price Crashes

Fri, 08/18/2023 - 11:45
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Gamza Khanzadaev
Hundreds of millions of Dogecoin moved from Binance and Robinhood as DOGE price seems to find local bottom
Whopping Half Billion Dogecoin Vanish into Mystery Wallets as DOGE Price Crashes
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WhaleAlert, a renowned blockchain tracking service, revealed the staggering movement of nearly half a billion Dogecoins within a mere six-hour span. This extraordinary move unfolded against the backdrop of a significant downturn in the DOGE market, which had seen a 17.5% drop just a day ago, pushing the cryptocurrency to its lowest point in over two months.

DOGE to USD by CoinMarketCap

The drama commenced with an eye-popping transfer of 129.67 million DOGE, equivalent to a substantial $7.9 million, from Robinhood to the wallet of an unidentified Dogecoin whale. Not long after, an even more jaw-dropping transaction surfaced — a colossal withdrawal of 308.39 million DOGE, valued at $19.22 million, was swiftly executed from Binance to another undisclosed address.

Interestingly, the first transfer coincided with a slight technical rebound in Dogecoin's price, wherein a resilient 9.71% of the earlier plummet was reclaimed. The subsequent chain of events saw DOGE rallying further, notching an additional 2.23% surge in its market value.

The second transfer unfolded against the backdrop of a DOGE price surge, achieving a local intraday zenith. While the timing of the purchase may not align precisely with the transaction itself, the subsequent trajectory proved less favorable, with the DOGE price dropping 0.69%.

Shocking $1 Billion in Crypto Liquidated on Market Following Massive Correction

For now, it is a bloodbath on the streets of the crypto world, and figuring out what comes next is harder than ever. Nevertheless, such activity of big players may not be a benchmark but something to keep in mind when making investment decisions in a period of uncertainty.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.