118 Million Dogecoin Stuns Major Crypto Exchange: Details
Release: 2024/08/25 23:49 Reading: 407
Dogecoin Whale Transfer Sparks Market Speculation
According to Whale Alert, a notable crypto data tracker, a massive amount of Dogecoin (DOGE) recently shifted. A staggering 118,925,431 DOGE, valued at approximately $13.3 million, was transferred from an anonymous wallet to Binance, one of the world's largest cryptocurrency exchanges.
Whale Alert's report, "118,925,431 DOGE worth $13,308,971 transferred from unknown wallet to Binance," triggered widespread speculation and curiosity regarding the motivations behind this significant transaction.
The timing and magnitude of this transfer are particularly notable given the current market conditions. Cryptocurrencies experienced a surge last Friday when Federal Reserve Chairman Jerome Powell suggested the possibility of future rate cuts. This optimism stems from the central bank's acknowledgment of declining inflation. Investors anticipate reduced resistance from the Fed in its fight against inflation, as interest rates have remained steady since July 2023.
Dogecoin's price trended upward alongside the broader crypto market, reaching a high of $0.1155 in Friday's trading before experiencing a pullback. If the day closes with a loss, Dogecoin will have recorded its second consecutive day of decline.
Deposits into exchanges often indicate an intent to sell. Given Dogecoin's current profit-taking scenario, this may indeed be the case. However, the transaction could also reflect a mere movement of funds by exchanges, institutional players, or wealthy investors known as whales.
At the time of writing, DOGE was down 1.72% over the past 24 hours, trading at $0.11. Dogecoin's attempt to break above $0.1155 near the daily SMA 50 faced resistance, resulting in a price pullback.
If the downtrend continues, support levels exist at $0.104 and $0.097. This suggests that Dogecoin may remain within its current trading range for the foreseeable future.
Conversely, if buyers regain control and push Dogecoin above the daily SMA 50 at $0.1133, it could signal the start of a bullish rally. In that case, Dogecoin may rise towards $0.14 and potentially even reach $0.18.
Recent news
More>- 5 Best Crypto Presale Coins for 2025 [Updated List for 2025] 11-29
- Ethereum Meme Coin Watch: CatSlap +20%, Pepe +7% as ETH Outperforms Bitcoin 11-29
- Whales Dumping Pepe Coin As Prices Correct, Time To Sell? 11-29
- Binance Launches ‘PayDay’ Global Crypto Shopping Event with $200K Crypto Cashback 11-29
- Ethereum price up 15%—here are the meme coins to watch this altcoin season 11-29
- Dogen (DOGEN): Experts Predict 25,000% Returns – Outshining DOGE and SHIB in 2025! 11-29
- How Dogecoin Overtook Porsche in Market Cap, Hitting $54.7 Billion Milestone 11-29
- Is PEPE Price Breakout Imminent? Analyst Predicts It’s About to Go Crazy—Here’s Why! 11-29
- Next Bonk? Dogen on Track for 15,000% Gains by 2025 – Don’t Miss the Rocket! 11-28
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com