A whopping 118,925,431 DOGE, worth almost $13.3 million, was moved from an unidentified wallet to Binance, one of the biggest cryptocurrency exchanges in the world, according to the crypto data tracker Whale Alert.
According to Whale Alert, “118,925,431 DOGE worth $13,308,971 transferred from unknown wallet to Binance.” This significant deal raised questions and conjecture on the motives for the relocation, which are still unclear.
The transaction’s magnitude and timing are nevertheless noteworthy, which encourages speculation when profit-taking enters the market.
https://x.com/whale_alert/status/1827331017310458286
On Friday, cryptocurrencies experienced a sharp increase in value following Federal Reserve Chairman Jerome Powell’s hint that rate cuts may be forthcoming, suggesting that the US central bank is OK with the deceleration of inflation. Investors now think the Fed would weaken its efforts to combat inflation after maintaining a stable benchmark interest rate from July 2023.
Along with the cryptocurrency markets, the price of Dogecoin increased, peaking at $0.1155 on Friday before declining. Dogecoin would have lost money for the second day in a row if today ended in red.
Exchange deposits signify a sale intention. Given that Dogecoin is now suffering profit-taking, this may really be the case. Alternatively, exchanges, institutional players, or whales may have simply shifted funds in this trade.
Dogecoin price action
As of this writing, DOGE has dropped 1.72% to $0.11 during the previous day. As the price met selling, Dogecoin’s effort to extend its price rise over $0.1155, close to the daily SMA 50, failed.
In the event that the present downturn persists, $0.104 and $0.097 provide immediate support. This scenario suggests that Dogecoin could continue to trade within its current range for a short while.
Conversely, a price bounce that pushes Dogecoin above the daily SMA 50 at $0.1333 might herald the beginning of a new bullish rise. After that, Dogecoin can increase to $0.14 and eventually $0.18.
