Data shows a Dogecoin whale has transferred more than $ 9 million worth of DOGE to Binance, as the price of the crypto has been shooting up.
Dogecoin Whale Deposited $ 9.4 Million In DOGE To Binance During The Last 24 Hours
According to cryptocurrency transaction tracker Whale Alert, a huge DOGE transaction has been spotted during the past day.
The total transfer amount was 113k DOGE, and at the time the transaction took place, these coins were worth around $ 9.4 million in USD.
However, since then the Dogecoin price has continued to show some explosive growth, rising more than 50% in the last 24 hours alone, resulting in this stack now converting to more than $ 13 million.
Such large crypto transactions usually belong to an individual whale, or an entity made up of a number of investors.
Additional details of the transfer reveal that it went from an unknown wallet (likely a personal wallet), to the crypto exchange Binance.
Looks like the transfer cost the whale $ 0.41 in transaction fees | Source: Whale Alert
This is an example of an exchange inflow transaction. Since investors usually deposit to exchanges for selling purposes, large inflows can prove to be bearish for the price of Dogecoin as they may be a sign of dumping from the whales.
So far, the memecoin doesn’t seem to have lost any momentum from this exchange deposit. However, it’s possible that the whale made the transfer in advance, and is only waiting for the right opportunity to sell.
Another large transaction also occurred on the Dogecoin blockchain just a couple of days back; this one weighed around 94k DOGE and was worth $ 7.2 million at the time of the transfer. Right now, this converts to $ 12.7 million.
The whale only had to pay $ 0.07 in fees to make this large transfer happen | Source: Whale Alert
As you can see above, this whale inflow was also headed to Binance. An interesting thing to note is that the sender address for this transaction and one of the inputs for the newer transaction are exactly the same.
The Binance wallet address is also the same between both the transactions, which may suggest that the same whale was involved in both these inflows.
At the time of writing, Dogecoin’s price floats around $ 0.13, up 123% in the last week. Over the past month, the original memecoin has gained 117% in value.
The below chart shows the trend in the price of the crypto over the last five days.
The value of the coin seems to have observed some sharp upwards momentum over the last day or so | Source: DOGEUSD on TradingView Featured image from Kanchanara on Unsplash.com, chart from TradingView.com