{"id":522092,"date":"2023-03-07T14:10:09","date_gmt":"2023-03-07T14:10:09","guid":{"rendered":"https:\/\/uniquehot.com\/?p=522092"},"modified":"2023-03-07T13:47:41","modified_gmt":"2023-03-07T13:47:41","slug":"dogecoin-whale-5m-doge-binance-bullish","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-whale-5m-doge-binance-bullish\/","title":{"rendered":"Dogecoin Whale Withdraws $5 Million In DOGE From Binance, Bullish Sign?"},"content":{"rendered":"

Data shows a Dogecoin whale has withdrawn about $5 million in DOGE from the crypto exchange Binance, a sign that may be bullish for the price.<\/p>\n

Dogecoin Whale Transfers Out $5.1 Million From Binance<\/h2>\n

As per data from the cryptocurrency transaction tracker service Whale Alert<\/a>, a huge DOGE transfer has been spotted on the blockchain during the last few hours. This transaction involved the movement of around 67.4 million tokens, worth just under $5.1 million at the time the transfer was executed.<\/p>\n

Since the amount involved here is so large, the source of the movement is likely to have been a whale<\/a>. Transactions from this cohort can be of particular importance, as the sheer scale of coins involved in them can sometimes have the power to move the market.<\/p>\n

Now, the main question that arises is, what implications would the latest whale transfer have on the price of Dogecoin? The exact answer to that depends on what the whale intended to accomplish by making this transaction.<\/p>\n

Was selling the goal? Or was it accumulation? Here are some additional details surrounding the transfer that may shed light on the purpose behind it:<\/p>\n

\"Dogecoin<\/p>\n

Looks like this massive transfer only required a fee of 0.00442444 DOGE to be possible | Source: Whale Alert<\/a><\/pre>\n

As you can see above, the sending addresses for this Dogecoin transfer were wallets attached to the cryptocurrency exchange Binance<\/a>, while the receivers included, among other addresses, an unknown wallet.<\/p>\n

Related Reading: Exchanges See Large Stablecoin Inflows, What Does It Mean For Bitcoin?<\/a><\/div>\n

An unknown wallet is one that’s unaffiliated with any known centralized platform (like an exchange) and is thus likely to be an investor’s personal wallet. The transfer amounts listed in the above image are significantly more than the aforementioned $5.1 million sum, but that’s only because there were some outputs going back inside Binance wallets.<\/p>\n

The relevant movement there is only the one that’s going toward the unknown wallet, which did only involve a transfer of about $5.1 million. Transactions like these, where coins move from exchanges to unknown addresses, are called “exchange outflows<\/a>.”<\/p>\n

Generally, investors make such transfers when their aim is to hold onto their Dogecoin for extended periods. Thus, exchange outflows can have a bullish effect on the price of the cryptocurrency.<\/p>\n

In the current case, since the investor involved is a whale, the impact on the price could be especially bullish. However, that would only be if the intent really is accumulation here.<\/p>\n

Related Reading: This Bitcoin Metric Is Forming A \u2018Triple Bottom,\u2019 Here\u2019s What Happened Last Time<\/a><\/div>\n

In some cases, whales withdraw from exchanges not for keeping the coins in safe storage, but for selling them through other means like over-the-counter (OTC) deals. Naturally, if this scenario is the one that holds true here, then Dogecoin could feel a bearish impulse from the move instead.<\/p>\n

DOGE Price<\/h2>\n

At the time of writing, Dogecoin is trading around $0.0739, down 9% in the last week.<\/p>\n

\"Dogecoin<\/p>\n

The value of the asset seems to have suffered from a plunge just a few days back | Source: DOGEUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Data shows a Dogecoin whale has withdrawn about $5 million in DOGE from the crypto exchange Binance, a sign that may be bullish for the price. Dogecoin Whale Transfers Out $5.1 Million From Binance As per data from the cryptocurrency transaction tracker service Whale Alert, a huge DOGE transfer has been spotted on the blockchain during the last few hours. This transaction involved the movement of around 67.4 million tokens, worth just under $5.1 million at the time the transfer was executed. Since the amount involved here is so large, the source of the movement is likely to have been a whale. Transactions from this cohort can be of particular importance, as the sheer scale of coins involved in them can sometimes have the power to move the market. Now, the main question that arises is, what implications would the latest whale transfer have on the price of Dogecoin? The exact answer to that depends on what the whale intended to accomplish by making this transaction. Was selling the goal? Or was it accumulation? Here are some additional details surrounding the transfer that may shed light on the purpose behind it: Looks like this massive transfer only required a fee of 0.00442444 DOGE to be possible | Source: Whale Alert As you can see above, the sending addresses for this Dogecoin transfer were wallets attached to the cryptocurrency exchange Binance, while the receivers included, among other addresses, an unknown wallet. Related Reading: Exchanges See Large Stablecoin Inflows, What Does It Mean For Bitcoin? An unknown wallet is one that’s unaffiliated with any known centralized platform (like an exchange) and is thus likely to be an investor’s personal wallet. The transfer amounts listed in the above image are significantly more than the aforementioned $5.1 million sum, but that’s only because there were some outputs going back inside Binance wallets. The relevant movement there is only the one that’s going toward the unknown wallet, which did only involve a transfer of about $5.1 million. Transactions like these, where coins move from exchanges to unknown addresses, are called “exchange outflows.” Generally, investors make such transfers when their aim is to hold onto their Dogecoin for extended periods. Thus, exchange outflows can have a bullish effect on the price of the cryptocurrency. In the current case, since the investor involved is a whale, the impact on the price could be especially bullish. However, that would only be if the intent really is accumulation here. Related Reading: This Bitcoin Metric Is Forming A \u2018Triple Bottom,\u2019 Here\u2019s What Happened Last Time In some cases, whales withdraw from exchanges not for keeping the coins in safe storage, but for selling them through other means like over-the-counter (OTC) deals. Naturally, if this scenario is the one that holds true here, then Dogecoin could feel a bearish impulse from the move instead. DOGE Price At the time of writing, Dogecoin is trading around $0.0739, down 9% in the last week. The value of the asset seems to have suffered from a plunge just a few days back | Source: DOGEUSD on TradingView Featured image from Kanchanara on Unsplash.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":522113,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83685],"tags":[10768,87393,1785,7,87937,87540,79599],"class_list":["post-522092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-binance","tag-crypto-exchange-binance","tag-doge","tag-dogecoin","tag-dogecoin-bullish-signal","tag-dogecoin-whale","tag-dogeusd"],"acf":[],"yoast_head":"\nDogecoin Whale Withdraws $5 Million In DOGE From Binance, Bullish Sign?<\/title>\n<meta name=\"description\" content=\"Data shows a Dogecoin whale has withdrawn about $5 million in DOGE from the crypto exchange Binance, a sign that may be bullish for the price. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Dogecoin Whale Withdraws $5 Million In DOGE From Binance, Bullish Sign?","url":"http:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-whale-5m-doge-binance-bullish\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-whale-5m-doge-binance-bullish\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/kanchanara-sOp4OSP8Erc-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/kanchanara-sOp4OSP8Erc-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Dogecoin","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","crypto exchange binance","doge","dogecoin","dogecoin bullish signal","dogecoin whale","dogeusd"],"dateCreated":"2023-03-07T14:10:09Z","datePublished":"2023-03-07T14:10:09Z","dateModified":"2023-03-07T14:10:09Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Dogecoin Whale Withdraws $5 Million In DOGE From Binance, Bullish Sign?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/dogecoin\\\/dogecoin-whale-5m-doge-binance-bullish\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/dogecoin\\\/dogecoin-whale-5m-doge-binance-bullish\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/kanchanara-sOp4OSP8Erc-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/kanchanara-sOp4OSP8Erc-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Dogecoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"crypto exchange binance\",\"doge\",\"dogecoin\",\"dogecoin bullish signal\",\"dogecoin whale\",\"dogeusd\"],\"dateCreated\":\"2023-03-07T14:10:09Z\",\"datePublished\":\"2023-03-07T14:10:09Z\",\"dateModified\":\"2023-03-07T14:10:09Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/03\/kanchanara-sOp4OSP8Erc-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/522092"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=522092"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/522092\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/522113"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=522092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=522092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=522092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}