Dogecoin Down 18%, But Whale Withdraws 122 Million DOGE From Binance

On-chain data shows a Dogecoin whale has made a significant withdrawal from cryptocurrency exchange Binance despite the decline in the memecoin’s price.

According to data from cryptocurrency transaction tracker service Whale Alert, a large move has been spotted on the Dogecoin blockchain over the past day. The transfer in question involved the movement of nearly 122.4 million DOGE, worth around $28.5 million at the time the network processed it.

Considering the scale of the transaction, it’s likely that a whale entity was behind it. Whales refer to the big-money investors of the cryptocurrency, who can carry some degree of influence in the market thanks to their large holdings. Moves related to such holders can be worth keeping an eye on, due to their standing. The transfers may not directly impact the memecoin’s price, but they can still contain information about the sentiment among these giants.

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.

As is visible, the sending address in the case of this Dogecoin whale transaction was a wallet attached to cryptocurrency exchange Binance. The receiver, on the other hand, was an unknown wallet, suggesting that it was likely to be an investor’s self-custodial address.

Moves of this type, where coins flow from centralized exchanges to self-custody, are known as Exchange Outflows. Generally, holders move coins away from the custody of these platforms when they plan to hold them in the long term, so Exchange Outflows can have a bullish impact on the asset’s price.

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.

Speaking of buying, the Dogecoin whale cohort as a whole has added a significant amount of the asset to their wallets during the last couple of days, as analyst Ali Martinez has pointed out in an X post.

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.