Two Major Dogecoin (DOGE) Transactions Detected Heading to Coinbase, Sparking Interest and Speculation

Two large Dogecoin (DOGE) transactions, totaling 219,107,379 DOGE ($73,879,274), were detected heading to Coinbase on March 8, according to blockchain data tracker Whale Alert.

The first transaction involved the transfer of 112,670,012 DOGE ($37,990,922) from an unknown wallet to Coinbase. Shortly after, a second transaction saw 106,437,367 DOGE ($35,889,352) moved from another unknown wallet to the same exchange.

These transactions have collectively shifted over 219 million DOGE to Coinbase, sparking interest and speculation in the crypto market.

Deposits to exchanges may indicate a desire to sell, while withdrawals might imply buying. That said, the deposits to Coinbase could indicate that whales are preparing to sell; whales may need to free up liquidity for other investments or to cover operational costs; the move might also be fund reshuffling. All that being the case, the exact reason for the transfers remains unknown.

Dogecoin records hodler growth despite "quietness"

The year 2023 began on a positive note for cryptocurrency's top assets, as the number of hodlers has fluctuated dramatically since the new year. Dogecoin (DOGE) has added 29,000 wallets within this span, according to Santiment data.

If wallets are rapidly increasing, the community is optimistic about the project's long-term viability, according to Santiment. On the other hand, if wallets are decreasing, there may be some excess FUD, which indicates an opportunity to buy as a contrarian to the panicking crowd.

Across social media, sentiment has been shifting for crypto's largest market caps. Dogecoin rather has been extremely quiet save for a temporary run-up at the beginning of the year, coinciding with Elon Musk's brief X handle change to "Kekius Maximus."

Since reaching a high of $0.486 about a month ago, Dogecoin has lost 28.40% of its market cap. Crowd sentiment has declined to its lowest point in the past year. Currently, crowd sentiment for Dogecoin is bearish.

At the time of writing, DOGE is down 1.07% in the last 24 hours to $0.335.