Unmarked Wallet Moves 200M XRP and 300M DOGE to Binance, but There’s a Catch

Two notable transactions, in which an unmarked address moved staggering amounts of XRP and Dogecoin to Binance, have caught the market’s attention. The Monday transaction coincides with the cryptocurrency market downturn. For context, XRP and Dogecoin have corrected 13% each amid Bitcoin’s quick-fire capsize to $76,000 earlier in the day. However, on-chain tracker Whale Alert identified the hefty transaction in an X post on Monday, involving an unidentified address and leading crypto exchange Binance. The shift raised sentiments that a whale had taken to selling his bags amid the bearish market trend. Transaction Details The on-chain whale tracker reported that the address “DU8gPC,” mentioned as an unknown wallet, transferred a staggering 300 million DOGE to Binance. The wallet moved the $41.7 million worth of Dogecoin today at 9:52 (UTC). Two seconds later, another unidentified wallet, “rPz2qA,” moved 200 million XRP, worth $354.6 million, to another Binance wallet. While these transactions were parallel and came from unrelated addresses, their timing raised curiosity among market participants. Meanwhile, further analysis shows that the receiving addresses indeed belonged to Binance, the largest cryptocurrency by trading volume. However, the two sending addresses are affiliated with a prominent entity. Here’s What Really Happened Running the Dogecoin sending address through the market analytical platform Arkham showed that the wallet still belonged to Binance. The “DU8gPC” address was one of the prominent exchange’s DOGE cold wallets, while the receiving address was its hot wallet. Furthermore, data from Bithomp also confirmed that the XRP sending address also has an affiliation with Binance. A wallet tied to the exchange activated the address in December 2023 with 70 XRP and has stored huge amounts of the asset in the cold self-custody wallet since then. As a result, both Dogecoin and XRP transactions were internal movements from Binance, specifically from its cold to hot wallet. In the case of massive deposit or withdrawal activities, exchanges usually make transfers in this direction to boost liquidity on the platform. Meanwhile, Binance has made similar in-house movements in the past. The Crypto Basic reported on one that happened in September between two Binance-owned wallets, involving a 95 million XRP ($50 million) shuffle. Another such shift occurred in August when Binance moved 60 million XRP from the sending address from today. Interestingly, the exchange also transferred the $39 million worth of XRP to the same receiving address in today’s transaction. In the meantime, XRP trades at $1.85 and DOGE at $0.1452.