According to WhaleAlert, 151 million Dogecoin was recently transferred from Binance to an unidentified wallet. According to the cryptocurrency data tracker, the exchange Binance sent 151,605,154 DOGE to the unidentified wallet for a total value of $12,094,316.
While a purchase by a large whale cannot be ruled out, the transfer appears to be a reshuffle between Binance wallets, as a look at the transaction’s details reveals wallet transfers.
DogeWhaleAlert detected a transaction with 90,071,993 DOGE (now valued at $7,202,066) moving from many wallets to a Binance wallet.
Other Dogecoin transactions documented by DogeWhaleAlert include the $1,046,786 transfer of 12,999,996 DOGE from a Binance wallet to an unknown wallet.
Five transactions totaling 5,000,000 DOGE, worth $400,290, were reported by DogeWhaleAlert, all of which occurred between Binance wallets.
It has been widely claimed that a small number of “whales,” or wealthy investors, control the majority of Dogecoin.
It clarifies that many of the most prominent Dogecoin wallets are cold wallets or hot wallets managed by exchanges and brokers, and therefore represent Dogecoin held by thousands of individuals.
Following six successive days of gains, the Dogecoin price declined as traders recorded profits. The dog-themed cryptocurrency dropped to $0.076 on April 21, following three consecutive days of market declines.
A near-term intermediate resistance level for Dogecoin remains at $0.082, which coincides with the daily moving average of 200. To continue rising, Dogecoin must hold above the daily MA 50 support at $0.079. In contrast, additional declines below the $0.076 support could result in a retest of levels near $0.071.
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