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Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Dogecoin

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Recent on-chain data has shown a transfer of 456 million DOGE tokens into crypto exchange Coinbase amidst a flurry of Dogecoin whale transactions across various exchanges in the past 24 hours. The price of DOGE has majorly traded below the $0.165 price level in the past seven days despite the price uptick among other meme coins. These recent events of whale transfers, however, appear to be leading to a bearish view towards DOGE. Transfers of this nature into a crypto exchange point to the whales getting ready to sell off their bags, which risks crashing the DOGE price. 

Whales Move 456 Million DOGE To Crypto Exchange

Whale Alerts, a crypto whale transaction tracker, has shown various instances of whale transactions in recent hours. Amidst these transactions is the transfer of 456.83 million DOGE tokens worth $68.7 million into popular crypto exchange Coinbase. Interestingly, the transfer of DOGE was made to Coinbase in two bouts of 228 million DOGE, each worth over $34 million.

Related Reading: Renowned Economist Reveals What Will Happen If Bitcoin Can’t Hold $60,000

However, considering these transactions were sent in quick succession, the nature of their movement points to them being controlled by the same whale entity. 

🚨 🚨 228,105,810 #DOGE (34,341,747 USD) transferred from unknown wallet to #Coinbasehttps://t.co/G8TGqtW5Ws

— Whale Alert (@whale_alert) April 26, 2024

🚨 🚨 228,725,906 #DOGE (34,435,104 USD) transferred from unknown wallet to #Coinbasehttps://t.co/ACnqjOBCAO

— Whale Alert (@whale_alert) April 26, 2024

A further look into the two whale addresses involved, “DFBx6m” and “DCTpBb”, showed that they no longer hold any tokens at the time of writing. This lends additional credibility to the idea that the transfers were made with the intention of selling off tokens.

Notably, on-chain data shows that both addresses have been holding their DOGE tokens since last year, considering the last inflow of DOGE occurred on November 1, 2023. During this time, the price of Dogecoin was trading around $0.068. It is worth noting that DOGE has gone on an over 120% price increase since then, putting the holdings at a significant profit.

What’s Next For Dogecoin?

At the time of writing, DOGE is trading at $0.1511. The crypto is now on a correction path after failing to substantially break above $0.164 in the past week. The recent movement of nearly half a billion Dogecoin suggests major price volatility could be on the horizon. Furthermore, the recent DOGE rally seems to have stalled out as other altcoins and meme coins gain momentum.

Related Reading

Bitcoin bears

Bitcoin Bears Risk Losing $7.2 Billion If BTC Price Reaches This Level

1 year ago

While DOGE is currently down by 0.64% in the past seven days, Shiba Inu, PEPE, Dogwifhat, and FLOKI are up by 13.8%, 47.5%, and 32.5% in the same timeframe. 

The future of DOGE can be hard to predict. As with any meme coin, Dogecoin remains highly speculative. Its price continues to be volatile and heavily influenced by hype and social media. According to a crypto analyst, DOGE could continue to drop in the short term. Other analysts are bullish on DOGE, with analyst Ali Martinez even predicting a rally to the $1 price mark. 

Dogecoin price chart from Tradingview.com

DOGE price falls below $0.15 | Source: DOGEUSDT on Tradingview.com
Featured image from Bitcoinist, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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