As a seasoned crypto investor with battle-scarred fingers from countless market dips and surges, I find myself observing the recent Dogecoin (DOGE) withdrawal from Bittrex with a mix of curiosity and nonchalance. The transfer of over 103 million DOGE, worth around $11.2 million, is indeed an unusual event, but it’s not entirely unprecedented in this wild world of digital currencies.
Today saw a significant withdrawal of Dogecoin (DOGE) from the struggling cryptocurrency exchange, Bittrex. Approximately 103 million DOGE were moved to an unidentified wallet, according to Whale Alert’s recent tweet.
The estimated value of the withdrawal is approximately $11.2 million, given today’s Dogecoin rate. In November 2023, Bittrex Global publicly announced they were closing down permanently, following an earlier shutdown of their U.S. division. They confirmed that trading on their platform would end on December 4 of the same year.
Despite the trading platform being defunct, customers have been permitted to move their assets out of it during the winding-down process. The closure of Bittrex occurred following its bankruptcy filing in Delaware, May 2023. It’s worth mentioning that this exchange faced legal action from the U.S. Securities and Exchange Commission (SEC) for operating without necessary regulatory permissions.
As an analyst, I’m observing today’s Dogecoin withdrawals as a regular process where holders are transferring their coins from a defunct exchange. This action doesn’t imply any strategic trading moves, and it’s unlikely that it will significantly influence the price of this meme coin.
As a crypto investor, I’ve transferred my digital coins to my personal wallet, suggesting that I am likely holding onto them for an extended period. Typically, when crypto traders don’t intend to sell their assets immediately, they store them securely in their private crypto wallets.
Dogecoin price impact
During this transition, Dogecoin’s price has maintained its horizontal course. Currently, it is being exchanged at about $0.1042. Over the past day, there has been a decrease of approximately 1.55%, and the meme coin’s market capitalization has dropped by around 1.81% to reach an estimated $15.16 billion.
In the past 24 hours, Dogecoin’s trading volume has significantly increased by 19.65%. At present, it stands at approximately $1.37 billion, indicating an increase in investor attention towards the coin. Despite being in a consolidation phase, Dogecoin has a track record of sparking a turnaround and reaching new peaks during its cycles.
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2024-08-13 16:33