Two Mysterious Whales Transfer 208 Million DOGE Worth $65 Mln to Coinbase

According to Whale Alert, there were two tranches of Dogecoin (DOGE) worth 104,125,016 DOGE or $32.6 million each.

Two large tranches of Dogecoin (DOGE), each amounting to 104,125,016 DOGE, were shifted from unknown wallets to the major U.S. crypto exchange Coinbase, according to Whale Alert. Both transfers are valued at $32.6 million each.

The transactions, which can be viewed on the blockchain explorer, show that both tranches of DOGE were sent directly to Coinbase's known hot wallet, "DManxE4."

What catches the eye is that both tranches are identical in the amount of DOGE being moved, to the last token. Such a coincidence is highly unlikely unless both wallets belong to the same entity.

In the common perception of crypto market participants, such transfers are seen as a large investor's intention to sell. So when a whale deposits a large sum on an exchange, especially one as large as Coinbase, it's to sell its holding on the most liquid platform.

Whether that's the case this time is yet to be determined, but the fact is that both wallets belong to one entity, otherwise such a coincidence is impossible. Perhaps these wallets belong to Coinbase itself, so the whole transfer saga may be nothing more than the exchange's internal operations.

Meanwhile, the price of Dogecoin continues to fall in line with the broader market. Since the beginning of the week, DOGE has lost over 12.5%, making a total loss since the year's highs, and we are just one full month into 2025, worth over 31%.

Currently, DOGE is trading at $0.29, which is the lowest since mid-December. Whether the price of the major meme coin will find support at this level remains an open question.

But if the recent transfers are indeed a whale depositing tokens to sell on Coinbase, and capitulating in the process, then this could be a very bearish signal for Dogecoin.