A massive 312.37 million Dogecoin (DOGE) recently moved to Coinbase, raising speculation in the crypto community. Blockchain tracker Whale Alert reported that the transfer occurred in the last 24 hours. The movement happened in three separate transactions, each carrying 104,125,016 DOGE worth $21.33 million from an unknown wallet to Coinbase.
Potential Reasons Behind the Transfer
Crypto deposits on exchanges often suggest an intent to sell, while withdrawals indicate buying activity. However, this transfer could also mean that a whale is repositioning funds for strategic reasons. A large holder might be preparing for exchange-based trading or other purposes.
At the time of writing, DOGE is trading at $0.209, reflecting a 1.83% increase over the past 24 hours. This slight recovery follows a sharp market sell-off on Monday, which wiped out over $1.4 billion in crypto liquidations.
Related article: Dogecoin Dips 1.87%: Can DOGE Bounce Back After a Slump?
Broader market declines came from increased selling pressure in equities. As a result, Dogecoin dropped to a low of $0.195, mirroring Bitcoin’s descent below $90,000—its lowest in three months.
Key Technical Levels to Watch
Dogecoin has been in decline since reaching a high of $0.287 on Feb. 14. The downturn pushed DOGE below the 200-day Simple Moving Average (SMA) at $0.24, a critical support level that had remained intact since October 2024. Currently, DOGE trades near this level.
Related article: Dogecoin Inches Up: Can DOGE Find Its Way Past Resistance?
The Relative Strength Index (RSI) in negative territory signals that sellers hold the advantage. If the price closes below the $0.195 support, selling pressure may increase, potentially pushing DOGE down to $0.15.
However, a breakout above $0.24 would challenge this bearish outlook. If DOGE surges past this resistance, it could climb to the 50-day SMA at $0.31, a level expected to pose strong resistance.
