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The price action of Dogecoin in the past 48 hours have seen it finally break below the $0.2 mark after a whole week of bullish investors trying to hold above the $0.22 support level. However, this break below the $0.22 support has cascaded into a string of selloffs that eventually pushed Dogecoin below $0.2.
The mood was further complicated by a recent on-chain development of a massive inflow of Dogecoin into crypto exchange Coinbase that has raised eyebrows across the crypto community.
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312 Million Dogecoin Moved Into Crypto Exchange Coinbase
According to data from blockchain monitoring platform Whale Alert, three large Dogecoin transactions were recorded in rapid succession, each involving 104,125,016 DOGE valued at approximately $20.09 million. These transfers were sent from three different wallets to the Coinbase exchange, bringing the total moved to 312,375,048 DOGE, worth over $60 million at the time of the transaction.
104,125,016 #DOGE (20,090,304 USD) transferred from unknown wallet to #Coinbasehttps://t.co/ZHkkBkN9Bm
— Whale Alert (@whale_alert) May 31, 2025
104,125,016 #DOGE (20,090,304 USD) transferred from unknown wallet to #Coinbasehttps://t.co/4x6lIhHDSk
— Whale Alert (@whale_alert) May 31, 2025
104,125,016 #DOGE (20,090,304 USD) transferred from unknown wallet to #Coinbasehttps://t.co/6G8vEk2Hnj
— Whale Alert (@whale_alert) May 31, 2025
Although the wallets are technically separate, their identical balances, timing, and synchronized movement strongly suggest they are controlled by a single entity. On-chain history reveals that these wallets started receiving Dogecoin in October 2021, five months after the cryptocurrency reached its all-time high of $0.7316 in May 2021. Fresh inflows were added again in 2022, but since then, there had been little to no incoming activity.
Furthermore, these addresses haven’t had any outgoing activity since their creation, until now. This makes the recent transfers not only unusual but significant, as it marks the first time these tokens are being moved out and directly to an exchange.
Brace For Impact? What This Means For DOGE Price
The immediate concern for investors is whether these transfers is the precursor to an impending selloff. Sending over 312 million DOGE to Coinbase could be interpreted as a move to liquidate, especially if the whale behind these wallets intends to take profits after holding the asset dormant for nearly two years. Such a sale will introduce substantial selling pressure to Dogecoin, which is already currently struggling to get market demand to absorb selling pressure.
On the other hand, not all large transfers to exchanges indicate bearish intent. There is a realistic possibility that the wallets are not externally owned but rather belong to Coinbase itself. In that case, the transfers may simply represent internal restructuring or cold-to-hot wallet reallocation, which poses no threat to price action. At present, there is no conclusive evidence confirming either scenario, and the uncertainty is enough to keep retail Dogecoin traders on alert.
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Interestingly, Dogecoin’s price might already be showing strong volatility in response to the movement. At the time of writing, Dogecoin was trading at $0.188, down by 0.35% and 14% in the past 24 hours and seven days, respectively.
Featured image from Unsplash, chart from TradingView
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