A huge transfer of 200 million Dogecoins worth around $59.9 million took place from an unknown wallet to Binance, a major cryptocurrency exchange.
This could mean someone is planning to trade or sell Dogecoin, or it could be for other reasons such as preparing for liquidity on Binance. However, the exact purpose of the transfer is unclear.
The price of Dogecoin fell earlier this week but recovered almost 13% in the last 24 hours to reach $0.323. This rebound comes after a decline earlier in the week and is in line with a broader market rally.
Dogecoin fell below the 50-day SMA of $0.36 on December 19, marking a four-day loss. The dog currency fell to a low of $0.262 on Friday before recovering significantly. The rally reached an intraday high of $0.35 on Saturday before declining again.
With regard to future price developments…
