Dogecoin Price Tumbles As Whale Dumps 90M DOGE to Coinbase, What’s Next?

Dogecoin Price Plunges Amidst Massive Whale Selloff

Dogecoin, the leading meme cryptocurrency by market capitalization, has ignited a flurry of speculation within the global crypto community. Its price has plummeted after experiencing significant gains, raising concerns about its future trajectory.

This price decline coincides with a massive DOGE selloff by a whale in the past 24 hours. According to on-chain data, a staggering 90 million coins were sold off to Coinbase, a major cryptocurrency exchange.

Whale Transfer Raises Investor Concerns

Data from Whale Alert, an on-chain transaction tracker, reveals that 89.99 million DOGE, valued at $15.18 million, was transferred from an unknown wallet address (DRsjJ7YWiL…FwUuAkrLom) to Coinbase in a single transaction. Notably, the sending wallet had no DOGE tokens remaining after the transfer.

Moreover, the receiving wallet only received these DOGE tokens today, suggesting that they were promptly sent to the Coinbase exchange. This has raised questions about the potential motive behind this transfer.

DOGE Price Volatility

Meanwhile, Dogecoin's price has been trading in the red, experiencing heightened volatility. The selloff has amplified selling pressure on the token, contributing to its price decline.

Future Outlook

The implications of this whale selloff on Dogecoin's future price movements remain uncertain. Investors are closely monitoring the situation and speculating about the potential impact on the token's value.