CandleFocus

1,000,000,000 DOGE In Past Five Hours As Price Crashes 25%

Over the past three hours, there has been a significant amount of Dogecoin (DOGE) transferred between anonymous wallets, with the involvement of Binance, the world's largest crypto exchange. The transfers, totaling over 1.2 billion DOGE, occurred during a significant drop in the crypto market. One transfer of 800 million DOGE has caused speculation within the community regarding its purpose, with some suggesting it may be related to Grayscale's recent launch of a Dogecoin Trust. Another transfer of 200 million DOGE was sent to Binance, likely for the purpose of selling the coins. Additionally, two transfers targeting Coinbase were detected, totaling 104 million DOGE. The price of DOGE has seen a decline of over 25% since Sunday but has since rebounded slightly. This drop in DOGE's price reflects the overall market decline, with over $2.2 billion in liquidations occurring in the past day. Bitcoin, the leading cryptocurrency, dropped roughly 8.37% during this period due to concerns over a trade war.

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