Massive Dogecoin Withdrawal Sparks Interest Amidst Exchange Shutdown
Earlier today, Dogecoin (DOGE) witnessed a massive withdrawal from an insolvent cryptocurrency exchange. Whale Alert reported that more than 103 million DOGE, valued at approximately $11.2 million at the current rate, were transferred from Bittrex to an unknown wallet. Bittrex Global announced its complete closure in November 2023 following a prior shutdown of its U.S. arm. The exchange stated that trading would cease on December 4th of that year, but customers were allowed to move their assets off the now-defunct platform. Bittrex’s closure came after declaring bankruptcy in Delaware in May 2023, amid a lawsuit for operating without regulatory approvals.
Today’s Dogecoin withdrawal is a typical action by holders moving their assets from the non-operational exchange, implying no strategic trading motive behind it and potentially no immediate impact on the meme coin’s price. However, since the holder transferred the coins to their private wallet, they likely intend to retain them long-term. Crypto traders often keep their assets in private wallets when they do not plan to sell soon.
Read more Whale Activity Spurs Selling Pressure on Dogecoin Amid Market Downturn
Dogecoin’s Price Movement
Amidst this transfer, DOGE’s price continued its sideways movement. As of this writing, the coin trades at $0.1042, a 1.55% decrease over the last 24 hours, with the market cap down by 1.81% to $15.16 billion. Nevertheless, Dogecoin saw a 19.65% rise in trading volume in the past 24 hours, currently at $1.37 billion, reflecting growing investor interest. While consolidation appears ongoing, Dogecoin has a history of sparking reversals and reaching new highs in its cycle.
Important Notice: The content presented in this article is intended for informational purposes only and should not be interpreted as financial advice. Coinshibainu.com bears no responsibility for any investment decisions made relying on the information contained herein. It is highly recommended to consult with a qualified expert or financial advisor before making any investment decisions.
