Dogecoin whales withdraw 122 million DOGE from Binance, despite a 18% price drop

Dogecoin (DOGE) is undergoing a volatile period as its price drops by 18%, however, large investors, also known as "whales", continue to withdraw significant amounts of DOGE from the Binance exchange. This action indicates a difference in sentiment between investor groups and may signal expectations regarding the long-term trend of this meme coin.

Recent on-chain data shows a significant shift of DOGE away from centralized exchanges, particularly Binance. Specifically, a whale wallet withdrew 122 million DOGE from Binance, a notable move in the context of the price decline.

According to analysis by Ali Martinez, between 13/09 and 15/09, wallets holding between 10 million and 100 million DOGE accumulated an additional approximately 350 million tokens. However, the larger whale group, holding between 100 million and 1 billion DOGE, tended to sell, with around 680 million DOGE sold over four days.

Meanwhile, another report indicates that from 07/09 to 15/09, the DOGE balance on exchanges increased by an additional 4.96 billion DOGE (approximately 1.29 billion USD), indicating higher selling pressure. However, during this same period, "whales" accumulated an additional approximately 890 million DOGE (approximately 231 million USD).

This net withdrawal can be interpreted as a long-term accumulation action by large investors who believe that the value of DOGE will increase in the future despite short-term volatility.