Withdrawal of 103 Million Dogecoin (DOGE) from Bankrupt Crypto Exchange
Dogecoin (DOGE) has recently witnessed a massive liftoff. This massive amount of Dogecoin was transferred from a crypto exchange that declared bankruptcy earlier today. Accorta to 'Whal datae Alert', 103 million Dogecoin was transferred from the Bittrex exchange to an unknown wallet.
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The total value of this withdrawal is approximately $11.2 million, calculated based on the current price of Dogecoin. In November 2023, Bittrex Global announced their complete closure, before they closed their U.S. closes branch. It has been decided to completely stop trading on the platform from December 4, 2023 onwards.
However, despite the bankruptcy, Bittrex has allowed its customers to withdraw assets. Bittrex's decision to close comes after it filed for bankruptcy in Delaware in May 2023. Notably, the US Securities and Exchange Commission (SEC) sued Bittrex for operating without regulatory approval.
This massive withdrawal has created a stir among Dogecoin investors. Such shifts can often be indicators of major changes in the cryptocurrency market. However, the exact motive behind this lift is still not clear and only time will tell what effect it will have on Dogecoin's price in the future.