Whales Offload 636M DOGE on Binance, Robinhood During Dip

The hasty crypto market shake-up on Bloody Wednesday conjured quite a few unusual moves by the largest DOGE whales.

Doge looking cool next to a billboard of a whale coming out of it.
Created by Kornelija Poderskytė from DailyCoin
  • CeFi crypto exchanges Binance and Robinhood observe an influx of Dogecoin.
  • Markets crashed hours after Jim Cramer called Bitcoin a “technological marvel.”
  • Top whales offloaded millions of DOGE during last Wednesday’s flash crash.

Cryptocurrency whales are making big moves following Wednesday’s crypto slump, infused with the gossip surrounding a possible rejection of the highly-anticipated inaugural exchange-traded fund (ETF).

While these rumors are unconfirmed, FOX Business insiders claimed the opposite, alleging that the Securities and Exchange Commission (SEC) could approve the BTC ETF for trading this Friday.

The cryptocurrency whale-watching agency Whale Alert spotted two suspiciously hefty transfers on Wednesday afternoon as Dogecoin (DOGE) fell to monthly lows. Firstly, one Dogecoin whale deposited 82,082,228 DOGE to Robinhood, a popular American crypto exchange.

Another Dogecoin whale cashed 102,277,678 DOGE to Robinhood 15 minutes after the first transaction. Together, these two on-chain transfers to Robinhood sum up to over $15 million at stamped transaction time.

Whales Pull Surprise Moves Amidst Market Turmoil

While top dog memecoin Dogecoin slid to retest $0.08 at 9 PM UTC, the sudden 10% drop in DOGE’s market value didn’t stop another whale from withdrawing a colossal 151,688,668 DOGE from Robinhood to an untagged crypto wallet.

The largest Dogecoin whale transaction over the past 24 hours was detected in the early hours of Thursday. Blockchain records show that one whale deposited 300,000,000 DOGE to Binance, equaling $24.63 million. The unexpected move poured 300M DOGE into the markets, increasing Dogecoin’s circulating supply on centralized exchanges (CEXs).

From a technical standpoint, the four massive cryptocurrency transactions have upped the Proof of Work (PoW) network’s growth. In contrast, concentration and large transaction indicators remain neutral, according to the blockchain analytics firm IntoTheBlock.

The 10% pullback on January 3 sent Dogecoin back to late November 2023 levels before the hype surrounding the forthcoming DOGE-1 X-Band rocket kicked in. Originally meant to launch in December 2023, DOGE’s journey to the moon was postponed to launch sometime after the New Year.

At press time, DOGE is changing hands at $0.083833, rebounding 2.6% in the last 24 hours after Wednesday’s crypto bloodbath. Measuring in monthly terms, DOGE is still 5.7% behind where it was, but veteran crypto traders see a bright year for Dogecoin due to the speculated integration into X’s brand-new financial system.

On the Flipside

  • Some crypto traders on X claim that the untagged wallet belongs to Robinhood’s staff, as they were making internal maintenance transfers.
  • However, DailyCoin has yet to receive an answer from Robinhood regarding the ownership of the aforementioned cryptocurrency address.

Why This Matters

Analyzing the behavior of the largest digital asset holders paints a vivid picture of where the crypto markets could be heading next.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.