Whale Transfers Over $117 Million Worth Dogecoin to Binance

• The whale made an on-chain purchase of 1,400,000,000 DOGE coins on May 23, 2022.
• After a dormant period of seven months, the whale resumed trading DOGE tokens.

As the cryptocurrency market began to rebound in January, Dogecoin also saw a 30% increase in value. The price of DOGE has dropped somewhat over the last two days due to a general market selloff but gained little momentum today. Also, owing to traders’ lack of interest, whales have been unloading their DOGE meme coins, with Shiba Inu being the most in-demand meme since the launch of Shibarium Beta.

An anonymous “whale” sent $117.53 million worth of Dogecoin (DOGE) to the Binance cryptocurrency exchange on January 25, according to Whale Alert. In less than five minutes, the whale moves 985,236 DOGE tokens, valued at around $82.66 million, from Binance to its wallet.

Activity After Dormant Period of 7 Months

The whale made an on-chain purchase of 1,400,000,000 DOGE coins on May 23 of last year. The wallet has been inactive ever since then. After a dormant period of seven months, the whale resumed trading DOGE tokens on the day Tesla announced its quarterly profits.

The market’s recent rapid rebound has prompted whales to become more active, but Elon Musk’s lack of enthusiasm about incorporating Dogecoin into Twitter has led to selloffs.

Traders anticipated a market-wide decline in cryptocurrency prices as Bitcoin and Ethereum prices showed no substantial drop. The value of one Dogecoin (DOGE) has gained by nearly 2% in the previous 24 hours and now trades at $0.08603. Price fluctuated between $0.08345 and $0.08788 throughout the course of the last 24 hours. A 2% surge in volume over the last day is also indicative of investors’ interest back in the meme coin.