219 Million DOGE Stuns Major Crypto Exchange Coinbase; What’s Happening?

by

Over the past day, two significant Dogecoin transfers have been identified as going to Coinbase, a prominent digital currency trading platform.

Tracker service for blockchain data, Whale Alert, has signaled a pair of transactions involving approximately 219 million Dogecoins, equivalent to more than $73.8 million USD, moving from unidentified wallets to Coinbase.

🚨 🚨 106,437,367 #DOGE (35,889,352 USD) transferred from unknown wallet to #Coinbase

— Whale Alert (@whale_alert) January 10, 2025

Initially, there was a transfer of approximately 112 million Dogecoin (DOGE), equivalent to around $37.99 million, from an unidentified wallet to Coinbase. Not long after, a second transaction took place where about 106 million DOGE, roughly $35.89 million in value, were transferred from another anonymous wallet to the same exchange.

Approximately 219 million Dogecoins have been moved to Coinbase in total, creating a buzz and intrigue within the cryptocurrency market.

Money going into exchanges could suggest a plan to sell, whereas taking money out could mean buying. It’s worth noting that large deposits into Coinbase might signal whales are planning to offload their assets; these “whales” may require more cash for other investments or to cover expenses; it could also be a reorganization of funds. However, the specific motivation behind these transactions remains unclear.

Dogecoin records hodler growth despite “quietness”

2025 saw a promising start for leading cryptocurrencies, with the number of cryptocurrency holders experiencing significant fluctuations since the beginning of the year. Specifically, Dogecoin (DOGE) has seen an increase of 29,000 wallets in this timeframe, based on data from Santiment.

Based on Santiment’s analysis, a rise in the number of wallets suggests that the community is generally positive about the project’s future prospects. Conversely, a decrease in wallets might signal an excess of fear, uncertainty, and doubt (FUD), which could present a chance for contrarian investors to buy while the crowd is panicking.

On various social platforms, there’s been a noticeable shift in public opinion regarding the leading cryptocurrencies. Notably, Dogecoin has seen minimal activity, apart from a fleeting surge at the beginning of the year which corresponded with Elon Musk momentarily changing his Twitter handle to “Maximus Kekius.

Over the past month, Dogecoin’s market value has dropped by more than 28% from its peak at $0.486. The public’s feelings towards it have dipped close to their lowest levels seen in the last year, with a generally negative outlook on Dogecoin persisting at present.

At the time of writing, DOGE was down 1.07% in the last 24 hours to $0.335.

Read More

2025-01-11 17:31