Whales Unload DOGE, XRP on Large Scale to Binance and Others

Resurgence delayed: Whales flip DOGE and XRP, leaving many crypto aficionados wondering why.

Whale carrying Doge in his mouth next to a XRP backdrop.
Created by Kornelija Poderskytė from DailyCoin
  • Looming ETF expectations serve as a powerful boost to BTC as dominance increases.
  • Top Dogecoin whales display similar manners, hinting at the accumulation phase.
  • DOGE and XRP show stagnant price movement despite Bitcoin’s $47,000 bull run.

Mega whales are splashing the crypto waters with massive transfers to popular centralized crypto exchanges (CEXs). In the early hours of Tuesday, one huge whale transferred 332,931,620 Dogecoin (DOGE) to Binance. The move was worth $26.61 million at stamped transaction time, spotted by Whale Alert, pouring 332.9M DOGE into circulation.

In an interesting turn of events, an even larger transaction of 999,999,999 DOGE was spotted on-chain an hour ago. According to blockchain explorer BlockChair, this was the same crypto whale who offloaded the 332.9M DOGE to Binance 12 hours prior. The aforementioned whale’s DeFi wallet stands at 981,448,428.997094 DOGE in accumulation.

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This tendency is seen across different CeFi platforms, as another enormous Dogecoin whale deposited 78,055,471 DOGE to Robinhood 18 hours ago. Just two hours later, the same whale cashed out a colossal 134,144,399 Dogecoin, worth $10.85M at the time, to a decentralized cryptocurrency address. At the time of publication, the accumulating wallet still holds 3,229,959,445, or $254 million worth of DOGE, live on-chain records show.

Somber Price Movement For DOGE, XRP Ahead of ETF

While the accumulation of DOGE sparked a short upward trend to the daily high of $0.0818, Dogecoin now negatively correlates with Bitcoin (BTC). As the leading digital asset towered to $47,000, Dogecoin is 15% in the red weekly, falling by over two cents from the $0.10 key barrier, last seen on December 11.

Meanwhile, one XRP whale poured 25,800,000 XRP coins into Bitstamp, a TOP 10 centralized crypto exchange headquartered in Luxembourg. This whale has been spotted making similar daily transactions in millions of XRP to Bitso and other crypto exchanges.

Worth $14,911,705 at transaction time, the move was made as XRP reached its daily high of $0.5813. The altcoin was rejected at the $0.57 confluent resistance level; it now trades at $0.5643, according to CoinGecko. While the on-chain macroanalysis points to $0.60 as the crucial barrier, XRP’s price movement highly depends on the approaching Bitcoin ETF decision.

On the Flipside

  • Crypto enthusiasts speculate that the 25.8M XRP transfer is a move by Ripple Labs, as the altcoin’s founding company acquired a stake in the EU-based Bitstamp crypto exchange in May 2023.

Why This Matters

Crypto whale moves can cause price fluctuations, often portraying the tendencies between the largest investors.

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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.