Over 100 Million DOGE Transferred From Bankrupt Crypto Exchange Bittrex to Unknown Wallet

Dogecoin (DOGE) witnessed a massive exchange withdrawal earlier today. Notably, this transfer was made from a bankrupt crypto exchange. Whale Alert tweeted that over

A large sum of Dogecoin (CRYPTO: DOGE) was moved out of a bankrupt crypto exchange on Wednesday.

The Interesting Development: According to Whale Alert, over 103 million DOGE were shifted from Bittrex to an unidentified wallet.

At the current price of Dogecoin, the transfer is valued at about $11.2 million.

Following an earlier closure of its U.S. arm, Bittrex Global announced its complete shutdown in November 2023. The platform disclosed that trading would cease on Dec. 4 of that year.

However, customers were permitted to withdraw their assets from the defunct trading platform.

The closure of Bittrex came after the exchange filed for bankruptcy in Delaware in May 2023. Notably, the platform was sued by the U.S. Securities and Exchange Commission (SEC) for operating without the necessary regulatory approvals.

The transfer of Dogecoin on Wednesday is part of a standard procedure for holders shifting their assets out of the defunct exchange.

Hence, it is unlikely to indicate any strategic trading move or impact the price of the meme coin.

However, the transfer of the coins to a private wallet suggests that the holder is likely planning to hold them for the long term.

In general, crypto traders tend to keep their assets in their private crypto wallets when they have no immediate plans to sell them.

The Price Impact: At the time of writing, the price of DOGE continued to exhibit sideways movement.

The meme coin was trading at $0.1042, down 1.55% over the past 24 hours.

The market capitalization of the coin also slipped 1.81% to $15.16 billion.

Dogecoin, however, witnessed a surge of 19.65% in its trading volume over the last 24 hours.

The rising volume, currently at the $1.37 billion level, indicated growing interest from investors in the coin.

While consolidation appeared to be continuing, DOGE has a history of sparking a reversal and notching new highs in the cycle.

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