Dogecoin Whales Transfer 456 Million DOGE to Coinbase: Price Under Scrutiny

Whale wallets moved 456 million Dogecoin (worth $69 million) to Coinbase, sparking concerns of an incoming dump that could further suppress the price of the meme coin.
The tokens were sent from two whale wallets that have held Dogecoin since last year; they sent all their tokens, lending credence to the speculations of a looming dump.

Dogecoin has dropped drastically over the past month, shedding close to a third of its value in that time. While the meme coin’s outlook in the long term still looks positive, as Crypto News Flash reported, it might be heading for a bigger dip in the short term as whales dump their holdings.

Popular market service Whale Alert noted two massive transfers to Coinbase by two wallets. The first was made on Friday and involved 228.1 million DOGE, worth $34.34 million at the time.

228,105,810 #DOGE (34,341,747 USD) transferred from unknown wallet to #Coinbase https://t.co/G8TGqtW5Ws

— Whale Alert (@whale_alert) April 26, 2024

Shortly after, another address transferred another 228.725 million DOGE, worth $34.435 million at the time. The two transfers happened within four minutes of each other, showing that they were most likely from the same entity.

The two addresses have been holding the Dogecoin since last year. Perhaps even more notably, they sent all the tokens they held to the exchange, leading to speculations that it was a dump and that the whale is getting ready to sell them off.

Dogecoin to Hit $100 by October

After six days of consecutive drops, DOGE reversed the trend on Saturday, gaining 3.1% in the past day to rise from an intra-day low at $0.1434 to trade at $0.1501 at press time.

However, it has dipped 7.7% in the past week and lost a staggering 30% over the past month. While this makes for unpleasant viewing, it aligns with most cryptos as the market has taken a downturn since April started. Bitcoin has shed 9% in that time, Ethereum shed 7%, XRP lost 15.5%, and Solana dipped 23.3%, while fellow meme coins Shiba Inu and Dogwifhat lost 18.5% and 8.8%, respectively,

Despite the recent dip, Dogecoin has gained 91% in the past three months and 68% year-to-date. This form has led many analysts to stick to their predictions that the meme coin will surge in the near future. One analyst recently opined that the top meme coin will hit $100.

The analyst, who goes by ‘southofearth‘ to his followers, charted the projected price pattern for Dogecoin, drawing parallels with its previous performances post-Bitcoin halving. He notes that the short-term target within the next year is $27.

He, however, notes that the current crypto market is more volatile than in previous cycles as “Markets are moving faster, and the 4-year cycle might get shorter and shorter as the gains come faster, then long bear markets ensue again.”

He added that he expects Dogecoin to set a new high by October this year, as shown in the graph below.

He added:

If hyperbitcoinization happens due to dollar index breaking down and starting a decade-long downward trend then doge will go even higher than $27, possibly to $100 and beyond.