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In a flurry of activity that has caught the attention of the crypto community, more than 439 million Dogecoin (DOGE) have been moved in the last 24 hours.
At various times over the past day, Blockchain data tracker Whale Alert reported four major transactions totaling over 439 million DOGE and worth over $184 million. These include: 117,893,137 DOGE worth $48,848,984 transferred from Binance to an unknown wallet; 131,812,162 DOGE worth $54,139,177 transferred from an unknown wallet to Coinbase; 70,000,000 DOGE worth $30,623,248 transferred from Robinhood to Coinbase and 120,000,000 DOGE worth $50,785,617 transferred between unknown wallets.
The movement of such a large amount of Dogecoin suggests several possible scenarios. Transfers involving Binance, Coinbase and Robinhood indicate that some of these transactions could be related to exchange activity. This could include transferring assets for liquidity purposes or preparing for trading. In this scenario, movements to and from unknown wallets could have two implications: deposits on exchanges could imply an intention to sell, while withdrawals could imply a purchase.
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Wallet-to-wallet transfers can signal efforts to improve security, such as moving funds to cold storage or updating wallet protocols. The transaction could consist of a purchase via OTC (over-the-counter transfer), which takes place outside of an exchange. Whales could prepare for market changes, capitalize on previous Dogecoin price patterns, or position themselves for the next price movement.
Dogecoin price, new main update
At the time of writing, Dogecoin was down 3.22% over the past 24 hours to $0.41 as the crypto market faced selling pressure.
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According to CoinGlass data, $536.35 million in crypto positions were liquidated in the past 24 hours, including $21.39 million in long Dogecoin positions and $11.32 million in bearish Dogecoin bets.
In other Dogecoin news, Dogecoin Core version 1.14.9, a new minor version with important bug fixes, has been released. Notable changes in the release include significant updates that address upstream bugs in Bitcoin Core and Namecoin Core inherited by Dogecoin Core.