In recent hours, a substantial quantity of DOGE was transferred to Binance, one of the world’s largest cryptocurrency exchanges.

Blockchain data tracker Whale Alert has reported a massive transfer of 112,382,564 DOGE, valued at approximately $48,717,014, from an unknown wallet to Binance.

Whale Alert reports: “112,382,564 DOGE worth $48,717,014 transferred from unknown wallet to Binance.”

A transfer to Binance could signal an intention to sell, as exchanges are commonly used for liquidations. The move might also indicate strategic positioning, with the whale potentially preparing to diversify their holdings or leverage Binance’s trading tools.

The transaction occurs at a time when the market is experiencing profit-taking, with several crypto assets, including Dogecoin, trading in the red. Dogecoin (DOGE) was down 5.35% in the last 24 hours to $0.44. The broader crypto market has been facing a sell-off, with $495 million in liquidations in the past day.

Dogecoin whale activity skyrockets by 41%

Dogecoin has seen an increase in large transaction volumes, rising by 41% in the last 24 hours. According to data from analytics site IntoTheBlock, Dogecoin recorded $23.35 billion in large transaction volume, representing a significant increase over the previous day.

This spike in large transactions, often worth more than $100,000, indicates increased activity from whales and institutional investors. The surge in major transactions may signal either buying or selling.

In addition to the increase in large transactions, the Dogecoin blockchain had a 34.91% increase in active addresses, with 157,190 addresses participating in transactions over the same period. This increase in activity demonstrates the Dogecoin community’s continued interest and participation, despite the current market sell-off.