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Whales Transfer Millions of DOGE onto Exchanges, Is a Major Price Action Underway?

7 Nov, 20222 min readOther
Whales Transfer Millions of DOGE onto Exchanges, Is a Major Price Action Underway?

Dogecoin price had received immense attention in recent times as Elon Musk acquired Twitter and completed the $44 billion deal. While many speculated that the asset may also be included as one of the payment options along with other cryptos, the DOGE price gained huge bullish momentum.

Woefully, the price at the moment appears to have stuck up under a bearish influence and hence is believed to drop notably in the coming days.

Meanwhile, the Dogecoin whales have become extremely active of-let as a large amount of DOGE has been transferred onto the exchanges. They have moved nearly 256 million DOGE to Binance & Coinbase despite Elon Musk’s Twitter takeover.

As per the data shared by Whale Alert which records large & interesting transfers, these tokens were moved in 2 different transactions. Initially, 212.3 million DOGE was moved to Coinbase worth $26.67 million.

212,300,000 #DOGE (26,667,526 USD) transferred from unknown wallet to #Coinbase— Whale Alert (@whale_alert) November 6, 2022

Further, another transaction of transferring 43.67 million DOGE to a Binance address was recorded worth $5 million at the press time.

43,677,440 #DOGE (5,007,705 USD) transferred from unknown wallet to #Binance— Whale Alert (@whale_alert) November 6, 2022

Despite the fact that Elon Musk hinted at the probable Twitter acceptance of Dogecoin, the DOGE price continues to slash hard. The popular token is valued at $0.1169 at the moment, with a drop of 5.06% in the past 24 hours. Meanwhile, the market cap also suffered a plunge of over 5%, but the trading volume increased by more than 27% to reach $1.4 billion, indicating the revival of bearish influence over the asset.

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