Today, tens of millions of Dogecoin (DOGE) tokens were magically transferred on Binance, the biggest cryptocurrency exchange in the world. Therefore, 176.64 million DOGE, or more than $25.05 million, were moved to Binance today, October 20, according to a report by Whale Alert.
The address from which the transfer was made has the code “DD1h9.” This wallet has a long history of transactions and is not brand-new. Although there isn’t much DOGE remaining on it at the moment, around 15.54 billion coins—or $2.16 billion at current prices—have gone through the wallet over the years.
As a result, we can say that the wallet is owned by a major player who just made a deposit of more than $25 million in Dogecoin on the biggest centralised cryptocurrency marketplace.
However, because Binance is the one facilitating the transfer, there might not be any controversy involved. The volume and regularity of transactions involving this address provide some evidence for this.
Dogecoin (DOGE) price outlook
In any event, it’s interesting that Dogecoin was crashing the crucial $0.14 per DOGE price level when the transfer to the exchange took place.
The curiosity is further increased by the fact that this “storming” is occurring while the average price of the cryptocurrency has increased by over 25% over the course of the year and to four-month highs.
This transfer can already appear to be a major player’s attempt to benefit from the price increase and migrate to cash in such a setting.
