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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.