312,375,048 DOGE Hits Major Crypto Exchange Coinbase, What's Going On?

A massive 312.37 million Dogecoin ($DOGE) has just moved to major crypto exchange Coinbase, sparking speculation in the crypto community.

Blockchain data tracker Whale Alert reports this substantial Dogecoin move, totaling 312,375,048 $DOGE, which was carried out within the last 24 hours.

According to Whale Alert, the transactions were executed in three separate transfers, each carrying 104,125,016 $DOGE worth $21.33 million from an unknown wallet to Coinbase.

Withdrawals from exchanges imply buying; deposits might imply selling. Another probable explanation is that a major player may be shifting funds for strategic reasons. A whale, or large holder, may be transferring $DOGE for exchange-based trading or another purpose.

At the time of writing, $DOGE is trading up 1.83% in the last 24 hours to $0.209, rebounding slightly amid a broader market crash in Monday's trading session, which saw over $1.4 billion in crypto liquidations. The cryptocurrency market experienced a major sell-off on Monday due to sell pressure on the equity market. Dogecoin was not spared from the declines, tumbling to lows of $0.195. Bitcoin fell to a three-month low below $90,000 in a risk-off move.

What's next for Dogecoin's price?

Dogecoin started declining after reaching highs of $0.287 on Feb. 14. The drop caused Dogecoin to slip below the 200-day Simple Moving Average (SMA) at $0.24 for the first time since October 2024, near where it presently trades. This key technical level had previously acted as a strong support zone for Dogecoin's price.

The RSI in the negative zone might indicate that sellers have an advantage. Selling might pick up on a break and close below the support line. Dogecoin challenged support at $0.195 in yesterday's session, which may be broken. Dogecoin may then drop to $0.15.

This bearish outlook will be disproven in the short term if the price rises and breaks over the $0.24 short-term barrier. Dogecoin might next ascend to the 50-day SMA at $0.31, which is predicted to act as strong resistance.