The Gods Tips - Investing and Stock News
No Result
View All Result
  • Investing
  • Stock
  • Editor’s Pick
  • Economy
  • Bitcoin
  • Investing
  • Stock
  • Editor’s Pick
  • Economy
  • Bitcoin
No Result
View All Result
The Gods Tips - Investing and Stock News
No Result
View All Result
Home Bitcoin

Dogecoin Whale Transfers $5M In DOGE To Coinbase, Bearish Signal?

by
January 24, 2023
in Bitcoin
0
Dogecoin Whale Transfers $5M In DOGE To Coinbase, Bearish Signal?
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Data shows a Dogecoin whale has deposited more than $5 million in the crypto to Coinbase. Here’s what it may mean for DOGE’s price.

Dogecoin Whale Sends 57 Million DOGE To Crypto Exchange Coinbase

As per data from the crypto transaction tracker service Whale Alert, a massive Dogecoin transaction has taken place on the blockchain today. In total, this transfer involved the movement of 57,056,400 DOGE, worth upwards of $5 million at the time the transaction was sent.

Since the amount here is so large, the entity behind the transfer is likely to be a whale, or at least a group made up of multiple large investors. Due to the sheer volume of tokens involved in transactions like these, they can sometimes cause noticeable ripples in the price of the asset.

But what change may potentially be produced in the crypto’s value from such a movement of coins depends on several factors, with the exact intent behind the transaction being the main one.

Here are some specifics surrounding the latest Dogecoin whale transaction, which may shed some light on why the investor decided to make this move:

As can be seen above, the sending address for this Dogecoin transaction was an unknown address, which is a type of address that’s unattached to any known centralized platform, and thus is likely a personal wallet. The receiver in this case was an address affiliated with the crypto exchange Coinbase.

Note that the transaction details show there being another receiver present for this transaction, with the total amount of the transfer being almost $10.5 million. But on closer inspection, it’s clear that it’s just the same address as the sender, meaning that this output is only showing the amount still remaining in the original wallet (that is, a bit more than $5.3 million, as $5.1 million went towards Coinbase).

A transaction like this where coins move from a personal wallet to an exchange is called an exchange inflow. Investors usually deposit to exchanges for selling purposes, so inflows can have bearish implications for the price of the meme coin.

If this Dogecoin whale truly made this transfer with the intent to sell on Coinbase, then DOGE may feel a negative effect from it. Data from WhaleStats, however, shows that the crypto was in the top 10 most bought tokens by the largest BNB Smart Chain (BSC) whales just yesterday.

JUST IN: $DOGE @dogecoin now on top 10 purchased tokens among 100 biggest #BSC whales in the last 24hrs

Check the top 100 whales here: https://t.co/0SYnjw0xQs

(and hodl $BBW to see data for the top 4000!)#DOGE #whalestats #babywhale #BBW pic.twitter.com/G6RCR4INnt

— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) January 23, 2023

Such accumulation from whales can generally be bullish for the price, so depending on the scale of these purchases, they can make up for any possible selling pressure today’s whale may cause. In such a scenario, Dogecoin would likely not feel any impact from the exchange inflow.

DOGE Price

At the time of writing, Dogecoin is trading around $0.0889, up 5% in the last week.

Previous Post

Bitcoin Bull Trap Or Bull Run? This Is What Glassnode Says

Next Post

Eseye launches AnyNet SMARTconnect™ software to cut IoT device development times by 50%

Next Post
Eseye launches AnyNet SMARTconnect™ software to cut IoT device development times by 50%

Eseye launches AnyNet SMARTconnect™ software to cut IoT device development times by 50%

  • Trending
  • Comments
  • Latest

Biden administration proposes expanding access to no-cost birth control under Obamacare

0
Steady PutWrite 2022 Year In Review

Steady PutWrite 2022 Year In Review

0
How Much Do You Need to Start Trading Options?

How Much Do You Need to Start Trading Options?

0
Options Strategies for Small Accounts

Options Strategies for Small Accounts

0

Biden administration proposes expanding access to no-cost birth control under Obamacare

January 31, 2023
Biden touts electric vehicle tax credits with picture of him in luxury Hummer that doesn’t even qualify

Biden touts electric vehicle tax credits with picture of him in luxury Hummer that doesn’t even qualify

January 31, 2023
These 4 senators are the most likely to lose their seats in 2024

These 4 senators are the most likely to lose their seats in 2024

January 31, 2023

Kentucky Gov. Beshear makes another appeal for education spending

January 31, 2023
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Recent News

Biden administration proposes expanding access to no-cost birth control under Obamacare

January 31, 2023
Biden touts electric vehicle tax credits with picture of him in luxury Hummer that doesn’t even qualify

Biden touts electric vehicle tax credits with picture of him in luxury Hummer that doesn’t even qualify

January 31, 2023
These 4 senators are the most likely to lose their seats in 2024

These 4 senators are the most likely to lose their seats in 2024

January 31, 2023

Kentucky Gov. Beshear makes another appeal for education spending

January 31, 2023
  • About Us
  • Contact Us
  • Email Whitelisting
  • Terms and Conditions
  • Privacy Policy
  • About Us
  • Contact Us
  • Email Whitelisting
  • Terms and Conditions
  • Privacy Policy

Disclaimer: Thegodstips.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.
Copyright © 2023 Thegodstips.com

No Result
View All Result
  • Investing
  • Stock
  • Editor’s Pick
  • Economy
  • Bitcoin

Disclaimer: Thegodstips.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.
Copyright © 2023 Thegodstips.com