312 Million Dogecoin Transferred to Coinbase Amid Price Decline
Dogecoin has dropped below $0.2 after failing to maintain support above the $0.22 level, leading to increased sell-offs.
312 Million Dogecoin Transferred to Coinbase
- Three large transactions sent 104,125,016 DOGE each from different wallets to Coinbase.
- Total moved: 312,375,048 DOGE, valued over $60 million at the time of transfer.
- Transfers suggest control by a single entity due to identical amounts and timing.
- These wallets have not seen outgoing activity since their creation until now.
Implications for DOGE Price
- Investors worry these transfers may precede a significant sell-off.
- Potential liquidation could increase selling pressure on Dogecoin.
- Alternatively, the transfers might be internal to Coinbase, posing no threat if they are wallet reallocations.
- Current price: $0.188, down 0.35% in 24 hours and 14% over the past week.