Whale Alert flagged a burst of large Dogecoin (DOGE) activity on Wednesday, reporting four identical transfers of 88,000,000 DOGE each that moved off Bybit and into unknown wallets. The alerts, published as a series of posts on Whale Alert’s X account, show the same-sized outflows from the exchange, a pattern that traders and on-chain watchers often watch closely because it can signal everything from exchange cold-storage reshuffling to large-scale accumulation or preparations for an over-the-counter trade.
At today’s market rates, Dogecoin was trading around $0.248, meaning each 88 million-DOGE transfer represents roughly $21.82 million. Taken together, the four moves equal 352 million DOGE, about $87.3 million moved in a short span. That dollar estimate is based on live price data and will vary as markets move, but it shows just how large these single-party transfers were compared with routine exchange flows.
What Happened?
The transfers arrived against a slightly softer market for DOGE on Wednesday. Price feeds show Dogecoin down roughly 4–5% on the day, trading near $0.24–$0.25 after a run of gains earlier in the month that put the token well above levels seen earlier in 2025. Market data providers note healthy trading volume around DOGE’s moves, suggesting these transactions did not go unnoticed by traders watching on-chain and spot markets.
Large, repeated withdrawals from a single exchange are not, by themselves, proof of bullish or bearish intent, context matters. When whales move tens or hundreds of millions of tokens off exchanges into “unknown” wallets, on-chain analysts typically consider a handful of plausible explanations: long-term cold storage, accumulation by private buyers, redistribution into custodial or institutional wallets, or preparatory steps for large off-exchange trades.
Recent whale accumulation in the Dogecoin space adds a layer of speculation that at least some of the flows could be part of a broader accumulation trend. Traders responded to the news with caution. Some analysts say that if a meaningful portion of those DOGE coins are now in long-term cold wallets, that reduces immediate sell pressure and can be constructive for price over the coming weeks.
Others point out that the movement of large sums to “unknown” addresses can also precede major market events, listings, OTC deals, or internal rebalancing, and those scenarios can produce volatility. The net effect on price will depend on whether those coins remain out of circulation or are reintroduced to markets.
Exchanges sometimes explain large transfers as routine operational movements to cold wallets, but until the receiving addresses’ behavior becomes clearer, the market will have to interpret the signals the chain itself provides. Meanwhile, Dogecoin’s broader narrative, a mix of retail community momentum, renewed institutional sightings, and periodic whale buying, keeps it among the most watched meme tokens heading into October.
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