In the last 24 hours, the price of Dogecoin has dropped by about 6%, and there are signs that whales are dumping.
On the chain, Dogecoin Whale deposits to exchanges were seen.
Whale Alert, a service that keeps track of crypto transactions, says that a lot of DOGE has changed hands in the last day.
The first of these transfers were for 212,300,000 DOGE, which was worth about $26 million when it happened.
Most of the time, these big transactions on the chain belong to a single “whale” or a group of investors who act as one.
Here are some more details about this Dogecoin transfer that might explain why the coins were moved.
As you can see above, this Dogecoin was sent from a wallet address that I don’t know to a wallet that belongs to the cryptocurrency exchange Coinbase.
Most of the time, wallets with unknown addresses like these are personal, or at least not connected to a central platform like an exchange.
This is an example of an exchange inflow because the money was sent to Coinbase, which is an exchange. Since investors usually put money into exchanges to sell, inflows can make the price of DOGE go down.
In this case, the amount of money was very large and probably came from a “whale.” This could mean that the whale transferred to get rid of the cryptocurrency.
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