34 Million Dogecoin Was Transferred Into Binance Amid CFTC Lawsuit

Key Points:

• In the midst of the dispute with the CFTC, 34 million Dogecoins were moved to the exchange Binance, according to the data from Whale Alert.
• Binance is now being sued by the Commodity Futures Trading Commission, so this move comes at an interesting time. (CFTC).

A large amount of $DOGE was transferred to Binance right during the time when the exchange encountered legal problems from the CFTC.

In the past few days, a large amount of Dogecoin (DOGE) has been moved in the market. Whale Alert notes that a total of 350 million DOGEs were transferred between wallets. This amount amounts to more than 26 million USD. In the meantime, approximately 34 million DOGE tokens have been transferred to Binance.

A Whale Alert posted to Twitter revealed that 34,285,849 DOGE tokens worth $2.6 million were transferred to Binance via multiple wallets. The move comes as Binance is being sued by the Commodity Futures Trading Commission (CFTC).

Ever since the CFTC sued Binance and CEO CZ, the exchange has seen massive crypto withdrawals throughout the week. The CFTC dealt a major blow to Binance with a lawsuit earlier this week. Since then, Binance has recorded over $2 billion worth of outflows, according to Watcher.

At the time of publication, the DOGE had corrected marginally lower after having risen sharply during the week. MemeCoin is now trading at $0.0751, representing a decrease of 0.5% over the course of the previous twenty-four hours. In addition, the trading volume of DOGE is currently at $373 million, a reduction of 4.33% from its previous value.

At the moment, the vast majority of people who have Dogecoin are making a profit on their investment. The research conducted by Into The Block indicates that fifty-five percent of Dogecoin holders are now enjoying a profit at the current rates. In addition to this, just 41% are experiencing financial losses. At the time of this publication, DOGE’s next support is located at $0.0730.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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