208 Million Dogecoin (DOGE) Stuns Major US Exchange Coinbase

Cover Image: U.Today

According to Whale Alert, two tranches of Dogecoin (DOGE) were transferred, each worth 104,125,016 DOGE or approximately $32.6 million. Both transfers originated from unidentified wallets and were sent directly to Coinbase, a leading U.S. cryptocurrency exchange. Notably, the amounts involved in both transactions were identical.

The distinction lies in the sender wallets. They are "DGVgxt" and "DEkMb," and both sent funds to Coinbase's "DManxE4."

Within the crypto market, such large-scale transfers are often interpreted as an indication of a large investor's intention to sell. As such, when a whale deposits a substantial sum on an exchange, particularly one as liquid as Coinbase, it often suggests an intent to liquidate holdings on the platform.

While it is uncertain if this is the case in the present instance, the fact that both wallets belong to a single entity is undeniable, as such a coincidence is otherwise highly improbable. Alternatively, it is possible that these wallets belong to Coinbase itself, and the transactions are part of the exchange's internal operations.

Meanwhile, Dogecoin has been following the broader market trend and declining in price. Since the start of the week, DOGE has lost over 12.5%, bringing its total loss since the highs of the year to more than 31%.

Currently trading at $0.29, DOGE has not been this low since mid-December. The question remains whether the popular meme coin will find support at these levels. However, if the recent transfers are indicative of a sale by a major holder on Coinbase, it could be a bearish signal for Dogecoin's future prospects.