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In a major move, 200 million Dogecoin was recently shifted from an unknown wallet to Binance. According to Whale Alert, "200,000,000 DOGE worth $59,925,858 transferred from unknown wallet to Binance."
Major transfers to crypto exchanges such as Binance can indicate a few potential scenarios. It could indicate an intention to trade or sell. The move could be part of preparations for liquidity provision on Binance; however, the exact reason remains unknown.
🚨 🚨 🚨 200,000,000 #DOGE (59,925,858 USD) transferred from unknown wallet to #Binancehttps://t.co/1sp3fToEdy
— Whale Alert (@whale_alert) December 20, 2024
After a drop earlier this week, Dogecoin has staged a comeback, with its price rebounding nearly 13% in the last 24 hours to trade at $0.323. This rise aligns with a broader market recovery, as several major cryptocurrencies have also posted gains following Friday's massive sell-off.
Dogecoin fell below the 50-day SMA at $0.36 on Dec. 19 to mark a four-day drop. The dog coin hit lows of $0.262 in Friday's session before rebounding strongly. The recovery reached an intraday high of $0.35 in Saturday's session before slightly retracing.
On the upside, the current recovery is expected to face selling at the daily SMA 50 at $0.36. If the price continues to fall, Dogecoin could plummet to as low as $0.23. The first sign of strength will be a break and close above $0.36, with potential targets of $0.42 and $0.48.
Dogecoin holders accelerate to 6.6 million
According to a recent IntoTheBlock report, meme coins represented one of the five major trends that reflected the shift in the crypto space in 2024.
Meme coins, in addition to Bitcoin, are another sector growing market share in the cryptocurrency industry. In 2024, the total market capitalization of meme coins has climbed by more than 400%, having hit a wave of strong momentum in Q1 and again in Q4. Throughout 2024, the total market capitalization of meme coins climbed nearly 11 figures, IntoTheBlock added.
In line with this, the number of meme coin holders accelerated in 2024, with over 6.6 million addresses holding Dogecoin, having benefited from its association with Elon Musk and his Department of Government Efficiency (D.O.G.E).