Dogecoin Buying Archives

A Large Amount Of Dogecoin Has Left The Binance Platform In The Past Day

According to data from the cryptocurrency transaction tracker service Whale Alert, a large transfer has been spotted on the Dogecoin blockchain during the past day.

In this move, the network has processed the movement of 304,588,737 DOGE, worth around $52.3 million when the transaction was executed. Given the large scale of the transfer, it’s likely that a whale entity was involved.

The whales are influential on the network due to the sheer number of tokens they carry in their wallets. As such, their moves can be worth keeping an eye on since they may cause noticeable fluctuations in the market.

How the market would be affected by the moves from these humongous entities depends on what they intend to do with those moves. Naturally, it’s impossible to say what an investor plans to do confidently.

The type of addresses involved in the transaction, however, can sometimes at least provide a hint about what the whale may have wanted to achieve with the move.

Below are the details of the latest Dogecoin whale transaction, which reveals its relevant addresses.

As is visible, this Dogecoin transaction was executed from a wallet connected to the cryptocurrency exchange Binance. The destination of the move appears to have been a couple of unknown addresses.

An unknown address refers to a wallet not affiliated with any centralized entity like an exchange (the sender in this transfer is a “known” wallet as it’s attached to a central entity in Binance). Generally, such addresses are the investors’ personal, self-custodial wallets.

Transfers where coins move in the direction of exchanges to self-custodial entities are known as “exchange outflows.” Usually, investors make such moves when they plan to hold onto their coins long-term, as it’s safer to do so outside of these platforms, where the platforms control the wallets.

Exchange outflows can also sometimes be an indication that fresh buying is going on, as some investors like to immediately withdraw their purchases of these platforms.

Given the relatively massive scale of the Dogecoin exchange outflow in the current case, it can naturally be bullish news for investors if the whale is indeed accumulating here.

However, the scenario also exists where the whale has withdrawn to sell through the peer-to-peer (P2P) mode. In this case, the effect on the asset could be bearish instead.

On-chain data shows the total number of Dogecoin millionaires has observed a steep increase over the past month, a sign of strong accumulation.

Dogecoin Millionaires Have Jumped 76% In Past Month

According to data from the market intelligence platform IntoTheBlock, the number of Dogecoin millionaires has been skyrocketing recently. “DOGE millionaires” here refer to the addresses that are carrying at least $1 million in their balance.

The below chart shows how the total number of such addresses has changed over the past month.

Dogecoin Millionaires

From the graph, it’s visible that the Dogecoin investors carrying between $1 million to $10 million worth of coins have seen their total count rapidly go up since the end of February.

This range would include the sharks as well as the smaller of the whales, so this trend would imply interest in the cryptocurrency has sharply risen among these large entities. Following the latest increase, the total count of addresses holding a balance in this range has crossed the 800 mark.

The largest of the investors in the market, those with more than $10 million in DOGE, have also seen their number grow in the same period, as the chart displays.

The population of these humongous whales has now crossed the 200 mark. This means that in all, there are now more than 1,000 millionaires on the Dogecoin network.

This corresponds to a growth of around 76% in the past 30 days, which is a pretty rapid increase. Since the indicator has caught pace, DOGE has also witnessed an impressive rally, which may not be a coincidence.

Naturally, if the number of these millionaires continues to rise into the near future, it would be a sign that big money interest in the memecoin is still furthering, which would be a positive sign for the rally.

DOGE Price Has Enjoyed A Sharp Rally Recently

Towards the end of last month, Dogecoin finally managed to break free of its long spell of consolidation and did so in quite the spectacular fashion as well. As the chart below shows, DOGE has observed a rapid rise in the past couple of weeks.

Dogecoin Price Chart

During this rally so far, Dogecoin has managed to reach a high beyond the $0.20 level. Since this peak, however, the coin has seen some notable drawdown, as it’s now trading around $0.15.

From the chart, it’s visible that the initial sharp crash in the memecoin had occurred at the same time as Bitcoin had plummeted following a breach of its previous all-time high price.

Unlike BTC, though, which has made some significant recovery already, DOGE is yet to close back in on its recent highs. Despite this significant pullback, though, the coin’s investors would still be carrying profits of more than 95% over the past month, showcasing just how strong its recent bullish momentum has been.

In terms of the market cap, Dogecoin is currently the nineth-largest asset in the sector, some distance behind eighth-placed Cardano (ADA).

Dogecoin Market Cap

While Dogecoin still has a comfortable gap to Shiba Inu (SHIB) in tenth, its rival is fast approaching it with a run of a whopping 131% in the past week.