Dogecoin News Today: Dogecoin Whale's $26M Binance Deposit Raises Sell-Off Fears

A major Dogecoin (DOGE) whale has transferred 129,361,857 DOGE—worth approximately $26.8 million—to Binance, sparking speculation about potential selling pressure and market volatility. The transaction, tracked by blockchain monitoring service Whale Alert, originated from a wallet initially seeded by one of Dogecoin's largest holders in November 2024, according to a U.Today report. The sender wallet, "DL7jHH," was funded by "DJfU2," an address holding over 576.7 million DOGE ($117 million), and had remained dormant for months before this large outflow, according to a Coinotag report.

The transfer has drawn attention due to its scale and the wallet's history. At the time of the deposit, DOGE was trading around $0.203, showing modest recovery from earlier lows but still under intraday highs of $0.209, the U.Today report noted. Analysts say large inflows to exchanges like Binance often correlate with increased selling activity, as liquidity is made available for market orders. While not all such deposits lead to immediate price declines, the transaction's origin from a long-dormant whale wallet raises concerns about downward pressure, the Coinotag report added.

Post-transfer, the sender wallet still holds over 31.6 million DOGE ($6.4 million), indicating the whale may be strategically balancing risk management with partial liquidation, according to the Coinotag account of the move. Historical patterns suggest similar whale movements have led to 2–5% price dips within 24 hours, though outcomes vary based on broader market conditions and order-book dynamics.

The transaction also highlights broader trends in whale behavior. The wallet's activation in November 2024—following a 36 DOGE seed from a major holder—reflects strategic positioning by large investors to capitalize on market opportunities, as covered by U.Today. Such movements underscore the influence of institutional and high-net-worth actors in meme-coin ecosystems, where community-driven sentiment often amplifies price swings.

Market participants are now monitoring Binance's order books for signs of immediate liquidation or long-term capital parking. The latter scenario could stabilize DOGE's near-term trajectory, while aggressive selling could deepen its underperformance against peers.