A huge altcoin whale, which has been dormant for about 7 months, is back in action. He transferred all of his 30 percent growing portfolio to his Binance wallet.
Altcoin whale that has been sleeping for 7 months dumps its entire portfolio on Binance
A massive Dogecoin whale is moving more than 2 billion DOGE tokens amid sales in the crypto market, according to data provided by Whale Alert. During the whale’s trading, the Dogecoin price was down 5%. The biggest meme coin witnessed a 30% rally in January until the day’s correction. However, market-wide sales in the last two days are causing a slight pullback in DOGE price. Also, due to waning interest among investors, whales are selling DOGE and releasing a large batch of Shiba Inu mid-Shibarium Beta.
In the corresponding transaction dated January 25, DOGE was transferred to Binance from the whale’s wallet, which had been dormant for about 7 months. According to Whale Alert, the giant investor transferred 1,400,000,004 Dogecoins (DOGE) worth $117.53 million to Binance today.
🚨 🚨 🚨 🚨 🚨 1,400,000,004 #DOGE (117,536,810 USD) transferred from unknown wallet to #Binancehttps://t.co/lANZ79XnIJ
— Whale Alert (@whale_alert) January 25, 2023
According to trading records, the whale transferred 985,000,236 DOGEs worth $82.66 million to Binance within five minutes. On-chain data revealed that the whale purchased 1,400,000,000 DOGE on May 23 last year. The massive investor hasn’t traded since then. Now 7 months later it has suddenly become active again. He bought and sold DOGE tokens on the day Tesla’s quarterly earnings were announced.
While whales have been active following the recent sharp market recovery, Dogecoin supporter Elon Musk’s lack of interest in integrating the meme coin on Twitter may be the reason why whales are selling. Also, sedentary whale transactions often indicate an impending decline in prices.
Dogecoin dips ahead of Tesla’s fourth-quarter earnings
Dogecoin whales had the opportunity to hoard meme coins until Tesla announced its fourth-quarter earnings. Recall that during the second quarter earnings call, Elon Musk said that Tesla never sold DOGE. Since the automaker accepts payments in DOGE, it receives a large amount of Dogecoin from the sale of Tesla products. Meanwhile, the DOGE price tumbled around 5% ahead of the Tesla earnings report to be announced in the coming hours.
DOGE price is currently trading at $0.08376, down 5.15% in the last 24 hours, according to CMC data. The leading meme coin has managed to stay in the top 10 by market capitalization despite all the bankruptcies over the past year. Technical indicators are now showing that Dogecoin could be close to a possible price increase. A break from the $0.09 resistance range could open a corridor where the price could rise as high as 22%. Still, it’s unclear whether Tesla earnings will lead to the breakout.
cryptocoin.com We have included the current Dogecoin technical analysis in this article. Expected to be released on January 25, Tesla’s quarterly earnings report will reveal whether the company has maintained its crypto portfolio over the past three years. Although Tesla announced that it sold 75% of its Bitcoin assets in the second quarter, CEO Elon Musk announced in his quarterly investor call that the company also held Dogecoin and did not sell any of it.
