A massive DOGE whale moved 176 million tokens, valued at over $25 million, to Binance today, sparking speculation as the cryptocurrency's price continues to climb.

Whale Moves 176 Million DOGE to Binance

Today, on Binance, the biggest cryptocurrency exchange in the world, an unprecedented and mysterious transfer of DOGE tokens worth tens of millions of dollars occurred. So, 176.64 million DOGE, with a value of about $25.05 million, were sent to Binance today, Oct. 20, as reported by Whale Alert.

The source of the transfer was identified as "DD1h9." There is a long history of transactions in this wallet, thus it is not new. Despite the low DOGE balance, the wallet has processed about 15.54 billion coins, or $2.16 billion at today's rates.

We may therefore infer that the wallet is not anonymous and that a major participant has recently staked over $25 million worth of Dogecoin on the most controlled cryptocurrency exchange.

Binance Likely Facilitating Transfer

However, Binance is facilitating the transfer, so there might not be any drama involved. The magnitude and regularity of transactions involving this address provide some evidence of this.

Regardless, the fact that the transfer to the exchange happened at the same time Dogecoin was crashing through the crucial $0.14 per DOGE price threshold is strange, U.Today points out.

Adding to the interest is the fact that this "storming" is happening while the meme price of the cryptocurrency has risen by over 25% year-to-date and reached four-month highs.

DOGE Hits 4-Month High as Whale Cashes Out

Taking advantage of the price increase, this transfer could already appear to be a major player's intention to cash out.