350 Million DOGE Bought Amid Price Drop; Investors Buy The Dip

  • Doge enthusiasts praised the transfer for its speed and the low transaction fee of 31 cents.
  • Many traders are withdrawing their cryptocurrency holdings from Binance due to a CFTC lawsuit.

According to Whale Alert, a prominent cryptocurrency tracking service, a substantial amount of Dogecoin was transferred from one unidentified wallet to another, potentially indicating a purchase. Enthusiasts of Dogecoin expressed their appreciation in the comments section, highlighting the fact that the transaction was completed in under an hour and had a fee of just 31 cents.

Approximately eight hours ago, a transfer of 350 million DOGE occurred amid a drop in the value of the popular meme-based cryptocurrency, decreasing by just under 2%. Moreover, the value of this transfer at the time of the transaction was approximately $26,581,455.

Meanwhile, the DogeWhaleAlert, which tracks DOGE transactions, identified this transfer as being between two of the top 20 wallets.

The DogeWhaleAlert tracker of DOGE transfers has reported that 34,285,849 Dogecoins were transferred to a Binance wallet approximately 11 hours ago, presumably for selling.

This transaction occurred during a period when many traders have been withdrawing their cryptocurrency holdings from Binance, one of the leading exchanges. Binance has been experiencing a surge in withdrawals, which began after it was hit with a lawsuit from the Commodity Futures Trading Commission (CFTC) on Monday. At the beginning of the week, these withdrawals surpassed $2 billion.

A considerable amount of XRP has been withdrawn from Binance recently. On Tuesday, more than 62 million XRP were taken out from the exchange, and over the past 24 hours, an additional 152 million XRP have been withdrawn. The CFTC has accused Binance of violating regulations related to spot and derivatives trading by allegedly allowing US citizens to trade on its main platform instead of using Binance US.

Additionally, the head of the exchange, Changpeng Zhao, has been sued by the regulator, with one of the charges being that he used proprietary accounts on Binance to trade against his customers.

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