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Dogecoin whale deposits $84M to Coinbase

Dogecoin whale deposits $84M to Coinbase

GrafaGrafa2024/11/26 10:00
By:Liezl Gambe

On-chain data reveals a significant Dogecoin (CRYPTO:DOGE) transaction as a whale transferred 197,606,395 DOGE, worth approximately $84.6 million, to Coinbase.  

The transfer, tracked by Whale Alert, highlights potential bearish sentiment, given that deposits to exchanges often signal intent to sell.  

The transaction originated from a self-custodial wallet and landed in Coinbase, with a minimal fee of $4.30.  

Such large-scale exchange inflows frequently point to selling-related motives, especially when the memecoin’s price momentum has cooled.  

While this individual transaction may not move the market single-handedly, it could reflect broader sentiment among major holders preparing to exit their positions.  

A second Dogecoin whale transfer occurred within the past 24 hours, involving 130 million DOGE (valued at $56.2 million).  

Unlike the Coinbase deposit, this transaction was between two private wallets, leaving its intent unclear.  

It could signify an over-the-counter (OTC) sale, a redistribution of funds, or simple portfolio reorganization.  

The behavior of whales is a key market indicator due to their substantial influence.  

However, blockchain anonymity often obscures their intentions.  

In this case, the direct deposit to an exchange provides room for speculation about selling pressure.  

Dogecoin’s recent market activity has shown a lack of momentum, making large transactions like these significant.  

While the deposit to Coinbase may not guarantee a sell-off, it raises questions about whales’ confidence in the asset’s near-term potential.  

Analysts will be watching closely for further movements or liquidations that could impact DOGE’s price trajectory.  

At the time of reporting, the Dogecoin (DOGE) price was $0.4081.  

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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