"DOGE Whale Awakens After Two Years, Sending Ripples Through the Market"

On September 7, a major cryptocurrency whale withdrew 10.366 million DOGE tokens from Binance, valued at approximately $2.25 million. This withdrawal, detected by Onchain Lens, marks a significant movement in Dogecoin’s (DOGE) activity following a two-year dormancy of the tokens in the whale’s wallet [1]. The transaction occurred against a backdrop of heightened volatility and regulatory scrutiny in the broader crypto market, though DOGE’s open interest remains notably stable.

The open interest in DOGE, representing the total value of open futures contracts, stands at nearly 16 billion DOGE tokens—equivalent to $3.36 billion—according to CoinGlass data. This level has only seen a marginal decline of 0.13% in the past 24 hours, despite the broader market experiencing a slowdown in speculative trading [3]. Gate.io and Binance are two of the largest platforms where these contracts are concentrated, with Binance holding approximately $658.38 million of the total open interest. Analysts suggest that this inertia in position closures indicates either a tactical wait for market reversal or continued bullish expectations despite broader crypto fatigue.

Meanwhile, Binance continues to solidify its position in the DOGE ecosystem. The exchange recently integrated Baby Doge Coin (BABYDOGE) on the Solana network and opened deposit and withdrawal services [2]. This move comes as part of the exchange’s broader strategy to expand its token offerings and cater to the growing demand for altcoin exposure. Additionally, Binance has launched several initiatives in recent days, including the airdrop of Saros (SAROS) tokens and updates to its Alpha product lineup, signaling continued momentum in its product diversification efforts [2].

In the broader market, DOGE’s price has seen a minor decline of 0.33% over the past 24 hours, reflecting the broader consolidation phase in the crypto sector [4]. Despite this, the coin’s market capitalization has grown by 136.12% over the past 12 months, demonstrating resilience amid ongoing market volatility. Technical analysis indicates that DOGE is currently hovering around a key support level of $0.21356, with potential for further downward movement if this level is broken. However, any break above $0.21805 could signal renewed buying interest.

The withdrawal of such a large volume of DOGE tokens raises questions about potential short-term market reactions. While no immediate price shock has been observed, the sheer scale of the transaction could influence liquidity and trading volumes in the coming days. Market participants will be closely watching for signs of increased activity or further movements from large holders, particularly given the recent stability in open interest and the broader context of regulatory and geopolitical developments in the crypto space [3].

Source:

[1] PANews (https://www.panewslab.com/en/articles/57324b58-e3ad-406b-93d4-7f5858bdcdfe)

[2] ChainCatcher (https://www.chaincatcher.com/en/article/2203549)

[3] Cointribune (https://www.cointribune.com/en/massive-doge-interest-stays-put-amid-trading-slowdown/)

[4] AIMSFX (https://aimsfx.com/2025/09/07/doge-dogecoin-dogeusdt-320/)