Dogecoin (DOGE) Plummets Within Hours as Whales Transfer 219 Million DOGE to Coinbase

Two major investors have transferred a combined 219 million Dogecoin (DOGE) to Coinbase, sparking speculation about its potential impact on DOGE's price. The community is abuzz as this development follows Elon Musk's announcement lowering his federal spending cut goals. Here's a closer look at the latest dogecoin news.

According to Whale Alert data, two significant Dogecoin transactions were observed on March 15. The first transaction involved the transfer of 106.43 million DOGE (worth $35.88 million at the time) from the wallet address “D7fXy…4QLW3” to Coinbase. This large-scale movement of DOGE was quickly followed by another substantial transaction.

A second whale moved 112.62 million DOGE (worth $37.99 million) from the wallet “D8hi4…RsF1j” to the Coinbase exchange. Together, these two transactions amounted to 219 million DOGE, valued at approximately $74 million at the time of transfer.

This news comes amid a period of volatility for Dogecoin, with the coin experiencing a rapid decline in value over the past 24 hours. During this time, DOGE lost a crucial support level and experienced a significant sell-off by investors, as indicated by a 9.7% decrease in price. However, the coin also saw a strong surge in trading volume, which increased by an impressive 89%.

Dogecoin's price movements have been closely linked to Elon Musk's statements and initiatives due to the association between D.O.G.E. (Department of Government Efficiency) and Dogecoin. As a result, Musk's recent announcement has sparked discussions among investors, speculating on whether it might be influencing the whales' decisions to sell.

However, it's essential to note that other factors may also be contributing to this trend and should be considered in any analysis.