999,999,999 DOGE in One Hour: Here's What Happened

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In recent hours, a staggering 999,999,999 Dogecoin (DOGE), valued at approximately $169.2 million, was transferred from Binance to an unknown wallet, according to Whale Alert. This movement of such a large amount of DOGE has sparked speculation within the crypto community, as transactions of this magnitude are rare.

Whale Alert reports: "999,999,999 DOGE worth $169,209,520 transferred from Binance to unknown wallet."

The size of this transaction, nearly one billion DOGE, suggests that institutional investors or large holder addresses, referred to as whales, might be involved. Large transactions of this kind might typically signal market activity from this class of holders.

The unknown wallet might belong to an institutional investor or whale transferring assets to cold storage. Moving assets off an exchange indicates an intent to hold rather than to sell in the short term.  It could also be buying, as withdrawals from exchanges may indicate an intention to buy. It could potentially be a routine transfer; nevertheless, the exact reasons behind this large DOGE transfer remain unknown.

Dogecoin jumps 10%

Dogecoin (DOGE) was among the few cryptocurrencies in the green as the crypto market faced profit-taking in Tuesdays early trading session. The dog-coin has jumped by more than 10% in the last 24 hours, while Bitcoin (BTC) has lost over 3%, and all major cryptocurrencies have lost between 1% and 5% of their value.

In the coming days, a much-anticipated bullish golden cross on the Dogecoin daily chart could be important to monitor. According to Santiment, Dogecoin wallets, which have recently increased by 46,400 in one week, are worth keeping an eye on.

According to Ali, the Dogecoin network continues to grow, with new addresses continually added. DOGE was up 9.21% in the last 24 hours to $0.171, and up 5.11% weekly as of writing time.