The broader crypto market is in unchartered territory, and some Dogecoin (DOGE) whales are potentially looking for an escape route. According to an on-chain transaction spotted by crypto tracker Whale Alert, an anonymous whale just transferred 197,606,395 DOGE to Coinbase exchange.
Dogecoin whale activity, Mixed intentions
Per the Whale Alert insight, the total DOGE from the whale is worth $84,591,504. This means the whale transferred when each Dogecoin was priced at $0.428.
🚨 🚨 🚨 🚨 197,606,395 #DOGE (84,591,504 USD) transferred from unknown wallet to #Coinbasehttps://t.co/s1pFgy5n1k
— Whale Alert (@whale_alert) November 25, 2024
There are wide-ranging explanations for related whale transactions, especially one involving meme coins. A transfer into Coinbase suggests a readiness to sell off. This is logical as an insight into the historical trend of the sending wallet, which shows a steady inflow and outflow of funds.
Considering the massive DOGE price growth over the past month, the potential sell-off move is explainable. From a highly bearish and volatile weekend, the Dogecoin price has inked mild 1.34% growth in 24 hours to $0.4361.
In the past week, the premier meme coin has rallied $17%, with 224% growth over the past month. It has also maintained a trading volume north of the $10 billion benchmark over the past week.
This massive growth makes profit-taking inevitable, especially for old whale HODLers.
DOGE spotlight not fading soon
Over the past few days, many digital currencies shed much of their value as combined crypto liquidation topped the $490 million threshold.
With signs of recovery already underway, Dogecoin is notably reacting well to the whale sell-off news. It is worth noting that besides the Coinbase transfer, other DOGE whale transactions have been spotted on-chain, a sign that the spotlight is far from fading from the meme coin.
Known as one of the best-performing assets on the market, the Dogecoin Foundation has unveiled plans to keep pushing the protocol’s growth. With more development work focused on open-source solutions, the foundation has set the tone for more DOGE adoption.
