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Dogecoin’s price action in the last 48 hours has seen it Finally break below The $ 0.2 brand after a whole week of bullish investors trying to stay above the support level of $ 0.22. However, this rest below the $ 0.22 support has married a series of lacquers that finally pushed Dogecoin below $ 0.2.
He The mood was even more complicated Through a recent chain development of a massive Dogecoin entry in Crypto Exchange Coinbase that has raised its eyebrows in the cryptographic community.
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312 million Dogecoin moved to Crypto Exchange Coinbase
According to the whale alert data of the blockchain monitoring platform, three large Dogecoin transactions were recorded in a rapid succession, each with 104,125,016 dux valued at approximately $ 20.09 million. These transfers were sent from three wallets different to the exchange of coinbase, which brought the total transferred to 312,375,048 dux, with a value of more than $ 60 million at the time of the transaction.
🚨 104,125,016 #DOGE (20,090,304 USD) transferred from an unknown wallet to #Coinbase
– Whale alert (@whale_alert) May 31, 2025
🚨 104,125,016 #DOGE (20,090,304 USD) transferred from an unknown wallet to #Coinbase
– Whale alert (@whale_alert) May 31, 2025
🚨 104,125,016 #DOGE (20,090,304 USD) transferred from an unknown wallet to #Coinbase
– Whale alert (@whale_alert) May 31, 2025
Although the wallets are technically separate, their identical balances, the time and the synchronized movement strongly suggest that they are controlled by a single entity. The history of the chain reveals that these wallets began to receive Dogecoin in October 2021, five months after the cryptocurrency reached its historical maximum of $ 0.7316 in May 2021. Fresh tickets were added again in 2022, but since then, there was little or no incoming activity.
In addition, these directions have not had any outgoing activity since its creation, until now. This makes recent transfers not only unusual but significant, since it marks the first time that these tokens move and directly to an exchange.
Orthopedic device for impact? What this means for the price of Dux
The immediate concern for investors is whether these transfers are precursor of an imminent sale sale. Sending more than 312 million dux to Coinbase could be interpreted as a movement to liquidate, especially if the whale behind these wallets is intended to make profits after keeping the latent asset for almost two years. This sale will introduce a substantial sales pressure to Dogecoin, which is currently struggling to make market demand absorb the sales pressure.
On the other hand, not all transfers to exchanges indicate bassist intention. There is a realistic possibility that the wallets are not owned externally, but that they belong to Coinbase. In that case, transfers can simply represent an internal restructuring or a hot to hot wallet reallocation, which does not represent a threat to the price action. At present, there is no conclusive evidence that confirms any scenario, and uncertainty is sufficient to keep alert Dogecoin merchants alert.
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Interestingly, Dogecoin’s price could You will be showing Strong volatility in response to movement. At the time of writing this article, Dogecoin was quoted at $ 0.188, at 0.35% and 14% in the last 24 hours and seven days, respectively.
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