Recent Dogecoin activity has caught the attention of the crypto community: over 439 million coins were moved in the last 24 hours.
Major Dogecoin Movements Over 24 Hours
During the past 24 hours, four major Dogecoin transactions were reported, totaling over $184 million. The first transfer involved 117,893,137 DOGE from Binance to an unknown wallet. The second saw 131,812,162 DOGE moved from an unknown wallet to Coinbase. The third was a transfer of 70,000,000 DOGE from Robinhood to Coinbase. The fourth transaction involved 120,000,000 DOGE transferred between unknown wallets.
Possible Reasons for Large Transactions
The movement of such large amounts of Dogecoin can have several explanations. Transactions involving Binance, Coinbase, and Robinhood could be related to exchange activities, such as providing liquidity or preparing for trading. Movement to and from unknown wallets could signal intentions to sell (deposit to exchanges) or buy (withdrawal from exchanges). Wallet-to-wallet transfers might indicate efforts to enhance security, such as moving funds to cold storage or updating wallet protocols. OTC transactions or whales preparing for market changes could also be possible reasons.
Dogecoin Updates and Price
At the time of writing, Dogecoin was down 3.22% in the last 24 hours to $0.41, amid selling pressure in the crypto market. According to CoinGlass data, $536.35 million in crypto positions were liquidated in the last 24 hours, including $21.39 million in Dogecoin long positions and $11.32 million in bearish bets on Dogecoin. Meanwhile, Dogecoin Core version 1.14.9 has been released, with crucial bug fixes inherited from Bitcoin Core and Namecoin Core being addressed.
The movement of large amounts of Dogecoin sparks interest and may indicate preparedness for market shifts. Recent Dogecoin Core updates also bring key corrections to improve the ecosystem.
