Is Dogecoin On Discount? Whales Go To Market With 32.9 Million DOGE Withdrawal From Binance

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Dogecoin (DOGE) is back in focus as whale activity ramps up despite the latest market correction. New on-chain data reveals that millions of DOGE are being transferred from Binance to private wallets, suggesting that major holders may view the current pullback as a prime entry point. With prices sliding from recent highs, whales also appear to be seizing the opportunity to accumulate tokens at a discount. 

Whales Move Millions Of Dogecoin From Binance 

On-chain data from multi-chain AI analytics platform Nansen has sparked renewed interest in Dogecoin after a major transaction was spotted on the blockchain. According to the platform, a newly created wallet withdrew 32.9 million DOGE, worth approximately $6.96 million, from Binance on August 26. 

Notably, large withdrawals of this kind are often associated with accumulation trends, particularly when directed toward self-custody wallets rather than exchanges. Commenting on the transfer, a crypto community member noted that new wallet activity of this scale usually signals a player gearing up for big moves. As a result, he urged market participants to monitor the wallet address closely. 

Not long after the first large-scale transfer, another whale made a similar move, withdrawing 20 million DOGE valued at $4.43 million. Nansen reveals that in total, the whale now holds an impressive 52.9 million DOGE, which amounts to roughly $11.71 million at current market prices. 

The rapid succession of these whale transfers suggests a growing confidence among large holders. Historically, sizeable withdrawals from exchanges have been associated with bullish sentiment, as they often suggest that investors prefer holding assets long-term rather than keeping them on platforms where they could be quickly liquidated. 

The timing of the withdrawals is also particularly interesting given Dogecoin’s prolonged decline, which may be encouraging deep-pocketed investors to buy tokens at much lower prices. 

DOGE Whale Accumulation Grows Amid Price Correction

While whales initiate withdrawals from exchanges, on-chain metrics reveal a broader pattern of Dogecoin accumulation among large holders during the recent market downturn. According to data from Santiment, the 50-day average of large DOGE transfers, valued at $100,000 or higher, surged significantly in August, marking the highest level in five months. 

Alongside the rise in high-value transactions, Dogecoin’s daily active addresses have also increased significantly, marking their highest surge this month, around August 13. This suggests that not only are whales increasing their stakes, but network activity is showing renewed strength. 

Notably, the accumulation comes in the wake of a 16% price drop for Dogecoin from $0.245 on August 24. Following the correction, the meme coin has staged a mild recovery of 4.69% over the past 24 hours and is currently trading at $0.219. CoinMarketCap data also shows that despite a monthly decline of over 10%, Dogecoin has managed a weekly gain of about 3.2%. However, not all indicators are bullish. Daily trading volume has declined sharply, down 36.15% as of writing, and presently sitting at $2.1 billion.

Featured image from Pixabay, chart from Tradingview.com

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