In the latest crypto news, an anonymous Dogecoin whale moved an astounding amount of 350 million DOGE to another wallet, indicating a potential purchase. The transfer took place just eight hours ago and was conducted in less than an hour, with only a 31-cent fee required for the transaction.
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According to the @DogeWhaleAlert tracker of DOGE transactions, the transfer of 350 million DOGE was made between the two top 20 wallets, worth approximately $26,581,455 at the time the transaction was made.
In a separate move, the same tracker reported that 34,285,849 DOGE was transferred to the Binance wallet 11 hours ago, presumably to sell the meme token chunk. This move coincided with traders withdrawing their holdings from the exchange, which has been facing a lawsuit from the Commodity Futures Trading Commission (CFTC) since Monday.
Binance has been facing withdrawals that exceeded the $2 billion mark this week, with traders reportedly withdrawing large amounts of XRP from the platform. On Tuesday, more than 62 million XRP was removed from Binance, and 152 million XRP have been withdrawn in the past 24 hours.
The CFTC has accused Binance of violating spot and derivatives trading laws, allowing US citizens to trade on its main platform without using Binance US. The head of the exchange, CZ, was also sued by the regulator, who accused him of using proprietary accounts on Binance to trade against his own customers.
As traders continue withdrawing their holdings from Binance, the exchange faces a challenging time. However, for Dogecoin fans, the recent dip in price offers a chance to buy the meme token at a lower price.
Conclusion
In conclusion, the recent movements of large amounts of Dogecoin and XRP to different wallets and exchanges suggest that the cryptocurrency market remains dynamic and subject to various influences, including legal challenges and individual trading decisions. Therefore, as always, individuals need to exercise caution and do their own research before making any investment decisions in this volatile market.
