Major Dogecoin Holder Transfers 400 Million DOGE to Binance Amid Market Turmoil

Dogecoin Experiences Sell-Off as Major Holder Transfers Tokens to Binance

Dogecoin (DOGE) underwent a significant sell-off on Thursday as a prominent holder transferred 400 million DOGE tokens to Binance.

Whale Alert, a platform that monitors large cryptocurrency transactions, reported the transfer of approximately $41.08 million worth of DOGE from an undisclosed wallet to Binance, coinciding with the memecoin's fall below $0.1, a critical support level.

Unexpectedly, a few hours later, the whale withdrew 50.4 million DOGE tokens, valued at around $4.8 million.

This reversal suggests a potential change in strategy or sentiment by the investor, possibly opting to retain some of their holdings amidst the market volatility.

As of press time, the whale still holds 379.8 million DOGE, worth approximately $37.21 million, according to Blockchair.

Analysis of the transaction history indicates that the whale accumulated around 1 billion DOGE from Binance earlier this year, suggesting a strategic move during market fluctuations.

The whale's actions occurred alongside broader turmoil in the cryptocurrency market.

DOGE experienced a flash crash to $0.93 amid fears of a potential sell-off of around $9 billion worth of Bitcoin by creditors of the infamous Mt. Gox exchange.

Additionally, the German government's ongoing sale of approximately 50,000 Bitcoins contributed to market anxiety.

In the past 24 hours, $640 million worth of cryptocurrency assets have been liquidated, according to Coinglass.

Bitcoin led the liquidations, followed by Ethereum and Solana. Dogecoin also faced liquidations, with around $11 million worth of positions closing in the red.

Market analysts interpret the recent events as indicators of diminished confidence in Dogecoin's short-term profitability.

Some analysts, such as Cryptolicca, suggest DOGE's price may find support within its current trading range of $0.17 to $0.95.

Intotheblock data shows Dogecoin has established a demand barrier at $0.099, where over 1.14 million addresses collectively hold 11.36 billion DOGE.

Further support is anticipated around $0.081, backed by holdings from 1.16 million addresses totaling 23.7 billion DOGE.

Notable accumulation of DOGE has also been observed. IntoTheBlock data reveals a steady increase in addresses with positive balances.

As of June 17, there were approximately 6.48 million addresses with nonzero balances, a significant rise from 4.77 million on the same day in 2023.

This increase in network activity and asset accumulation may indicate potential for future price increases.

At press time, DOGE was trading at $0.0988, reflecting a drop of 10.78% over the past 24 hours.