- A DOGE whale has sent 300 million Dogecoin (DOGE) to Binance.
- Historically, such movements have often increased price volatility.
- It has also led to an uptick in exchange reserve, which is common in a bear market.
In a post on X (formerly Twitter), Whale Alert, an account dedicated to tracking the trading activity of crypto whales, found that a staggering 300 million Dogecoin (DOGE), valued at approximately $24.51 million, was transferred from an unknown wallet to leading cryptocurrency exchange Binance earlier today.
Dogefather on the Move
Watch Out For a Price Dip
This kind of whale movement is often considered a bearish signal for several reasons. First, large transactions of this nature have been known to trigger price fluctuations as investors react to the perceived motivations behind the move.
DOGE’s price movements assessed within a 12-hour window period showed that this volatility had set in. At the time of this writing, the gap between the upper and lower bands of the coin’s Bollinger Bands indicator was starting to widen.
DOGE/USDT 12-Hour Chart (Source: TradingView)
When the gaps between these bands widen, it is generally interp…
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