Dogecoin at Fire-Sale Prices? Crypto Whales Snatch 32.9 Million DOGE From Binance in Massive Withdrawal
Whales are making moves while retail sleeps—again.
Massive DOGE Accumulation Underway
A single transaction just pulled 32.9 million Dogecoin off Binance. That’s not casual investing—it’s a statement. Whale activity often signals big bets on price movements, and pulling coins off exchanges typically means one thing: they’re not planning to sell anytime soon.
Timing the Market’s Fear
While mainstream headlines fret over volatility, deep-pocketed traders see opportunity. Withdrawals of this size suggest confidence—or at least a very calculated gamble. It’s the classic playbook: buy when there’s blood in the streets, even if the blood is mostly from over-leveraged meme traders.
Because nothing says 'sound financial strategy' like following the whims of billionaires and meme culture. But hey—it’s working for now.
Whales Move Millions Of Dogecoin From Binance
On-chain data from multi-chain AI analytics platform Nansen has sparked renewed interest in Dogecoin after a major transaction was spotted on the blockchain. According to the platform, a newly created wallet withdrew 32.9 million DOGE, worth approximately $6.96 million, from Binance on August 26.
Notably, large withdrawals of this kind are often associated with accumulation trends, particularly when directed toward self-custody wallets rather than exchanges. Commenting on the transfer, a crypto community member noted that new wallet activity of this scale usually signals a player gearing up for big moves. As a result, he urged market participants to monitor the wallet address closely.
Not long after the first large-scale transfer, another whale made a similar move, withdrawing 20 million DOGE valued at $4.43 million. Nansen reveals that in total, the whale now holds an impressive 52.9 million DOGE, which amounts to roughly $11.71 million at current market prices.
The rapid succession of these whale transfers suggests a growing confidence among large holders. Historically, sizeable withdrawals from exchanges have been associated with bullish sentiment, as they often suggest that investors prefer holding assets long-term rather than keeping them on platforms where they could be quickly liquidated.
The timing of the withdrawals is also particularly interesting given Dogecoin’s prolonged decline, which may be encouraging deep-pocketed investors to buy tokens at much lower prices.
DOGE Whale Accumulation Grows Amid Price Correction
While whales initiate withdrawals from exchanges, on-chain metrics reveal a broader pattern of dogecoin accumulation among large holders during the recent market downturn. According to data from Santiment, the 50-day average of large DOGE transfers, valued at $100,000 or higher, surged significantly in August, marking the highest level in five months.
Alongside the rise in high-value transactions, Dogecoin’s daily active addresses have also increased significantly, marking their highest surge this month, around August 13. This suggests that not only are whales increasing their stakes, but network activity is showing renewed strength.
Notably, the accumulation comes in the wake of a 16% price drop for Dogecoin from $0.245 on August 24. Following the correction, the meme coin has staged a mild recovery of 4.69% over the past 24 hours and is currently trading at $0.219. CoinMarketCap data also shows that despite a monthly decline of over 10%, Dogecoin has managed a weekly gain of about 3.2%. However, not all indicators are bullish. Daily trading volume has declined sharply, down 36.15% as of writing, and presently sitting at $2.1 billion.
