On-chain data shows a Dogecoin whale has made a significant withdrawal from cryptocurrency exchange Binance despite the decline in the memecoin’s price.
A lot of these moves are anonymous, however, meaning it can be hard to infer anything from them. Luckily, the latest Dogecoin whale transaction involved a wallet that has already been identified. Below are the address details related to the transfer.
The latest Binance Exchange Outflow from the whale has interestingly come following a drop of almost 18% for the memecoin over the past week. As such, it’s possible that the withdrawal corresponds to the large investor using the lower prices to accumulate DOGE.
As displayed in the above chart, the total supply of the Dogecoin investors carrying between 100 million and 1 billion tokens has gone up by 2 billion DOGE (about $465 million) within this window.
At the time of writing, Dogecoin is trading around $0.23, down more than 4.5% over the last 24 hours.
