Nine newly created wallets withdrew 865,911 DEXE tokens, valued at approximately $13.06 million, from the Binance exchange in a series of transactions pointing to significant whale accumulation.
The activity, tracked by on-chain analysis firms, culminated in four wallets moving 353,893 DEXE worth $5.3 million, according to data from analytics provider OnchainLens.
This large-scale withdrawal reduces the immediately available selling supply of DEXE on the world's largest crypto exchange. The movement mirrors accumulation patterns seen in other assets like Ethereum, where large outflows from exchanges often precede price increases by reducing accessible liquidity.
The move pushes DEXE into a potentially volatile price zone. While technical indicators like the Relative Strength Index (RSI) at 73.81 suggest the asset is overbought, the supply shock from the withdrawals could fuel further upward momentum if demand holds, with traders watching the EMA50 level around $13.52 as a key support area.
The DeXe protocol, a decentralized asset management platform, has seen its native token become a focus for large holders. This pattern of fresh wallets accumulating tokens from centralized exchanges is a classic signal of long-term holding intent or preparation for staking within the DeFi ecosystem.
The accumulation comes amid a divergent market where whales are selectively buying into DeFi and Layer-1 protocols while taking profits on more speculative meme tokens, as noted in recent market analysis.
While the DEXE token's MACD indicator shows a bullish cross, confirming upward momentum, the overbought RSI suggests traders may expect a short-term price consolidation or pullback. The key support level to watch is the 50-period exponential moving average on the 4-hour chart, currently near $13.52, with a longer-term floor established at the 200-period EMA around $10.75.
This article is for informational purposes only and does not constitute investment advice.
