Massive Dogecoin Withdrawal from Bankrupt Exchange
In a significant development, more than 103 million Dogecoin (DOGE) were withdrawn from the now-bankrupt crypto platform, Bittrex. This transfer, reported by Whale Alert, involves a substantial sum worth approximately $11.2 million based on Dogecoin's current market value.
Back in November 2023, Bittrex Global announced its impending shutdown, following the closure of its U.S. operations. This decision culminated in the ceasing of trading activities by December 4, 2023. However, customers have been permitted to withdraw their assets from the defunct exchange.
Bittrex's closure was preceded by a bankruptcy filing in Delaware in May 2023, and subsequent legal challenges from the U.S. Securities and Exchange Commission (SEC) for operating without necessary regulatory approvals. It is essential to understand that today's Dogecoin withdrawal is merely a procedural transfer, allowing holders to secure their assets in personal wallets.
Dogecoin Price Dynamics
Currently, the DOGE price is experiencing minimal volatility, trading at $0.1042. Despite a slight decline of 1.55% in the past day, the coin's market capitalization stands at $15.16 billion, marking a 1.81% drop. Interestingly, the trading volume has surged by 19.65% in the last 24 hours, reaching $1.37 billion. This increase in volume indicates a renewed interest among investors.
Historically, Dogecoin has demonstrated resilience by reversing trends and achieving new heights. The current phase of price consolidation could potentially lead to future upward movements, reflecting the dynamic nature of the cryptocurrency market.
