A wallet linked to Ceffu, a digital asset management platform, sent a massive 73.8 million Dogecoin (DOGE) worth $30.32 million to Binance over the past 24 hours. People are wondering whether this would trigger a chain of sell offs.
According to Arkham Intelligence, the wallet still holds a hefty $428.57 million DOGE, valued at $170.26 million, so it doesn’t look like the owner is ditching Dogecoin completely. Instead, this move might just be a strategic move to balance investments while tweaking the portfolio.
Interestingly, the wallet isn’t dealing with Dogecoin alone. It has been actively sending other cryptocurrencies to Binance and experts think this could be a sign of bigger trading plans, but the exact reason is still a mystery. However, transfers like these create a domino effect altogether.
Shortly, after the transfer, DOGE dropped to $0.36. However, it is trying to recover as it now trades at $0.41 but with a 23% drop in trading volume to $9 billion.
Still, the number one meme-inspired coin is holding strong with a market capitalization of $59 billion and currently ranked at 7 among top ten cryptocurrencies. However, whether this $30 million transfer is a potential sell off or part of a bigger plan, is a question whose answer could possibly shake the market.
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