Prepare for the Impact: Dogecoin Whales Transfer 456 Million DOGE to Exchanges
In light of recent on-chain data, it has been observed that there has been a significant transfer of 456 million DOGE tokens into the popular crypto exchange Coinbase. This transfer is part of a series of transactions by Dogecoin whales across various exchanges in the last 24 hours. Despite the recent price surge among other meme coins, the price of DOGE has mostly remained below $0.165 in the past week. These whale transfers hint at a bearish outlook for DOGE as it suggests that these whales are preparing to sell off their holdings, potentially leading to a crash in the DOGE price.
Whale Alerts, a tracker of crypto whale transactions, has reported numerous instances of whale transactions in recent hours. Among these transactions is the transfer of 456.83 million DOGE tokens worth $68.7 million into Coinbase. Interestingly, the transfer was divided into two batches of 228 million DOGE each, with a value of over $34 million.
It is worth noting that these transactions were conducted in quick succession, indicating that they were controlled by the same whale entity. Further analysis of the two whale addresses involved revealed that they no longer hold any tokens at present. This adds credibility to the belief that these transfers were made with the intention of selling off the tokens.
Significantly, on-chain data shows that both addresses have been holding their DOGE tokens since last year, with the last inflow occurring on November 1, 2023. At that time, the price of Dogecoin was around $0.068. Since then, DOGE has experienced an over 120% increase in price, resulting in substantial profits for the holders.
Currently, DOGE is trading at $0.1511 and appears to be going through a correction phase after failing to make a significant breakthrough above $0.164 in the past week. The recent movement of nearly half a billion Dogecoins indicates that significant price volatility may be on the horizon. Furthermore, while the DOGE rally seems to have stalled, other altcoins and meme coins like Shiba Inu, PEPE, Dogwifhat, and FLOKI have gained momentum with notable price increases.
As with any meme coin, predicting the future of DOGE can be challenging. Its price remains highly speculative and is heavily influenced by hype and social media. While some analysts anticipate a short-term drop for DOGE, others remain bullish, with one analyst even predicting a rally to the $1 price mark.