Whales Liquidate Dogecoin Despite Market Rebound, Move Hefty Funds to Coinbase

Whales are continuing to sell large amounts of crypto assets, despite the recent market rebound.

The global crypto market cap rose 1.49% over the past 24 hours, trading at $3.31 trillion. The market saw a notable uptick with Bitcoin (BTC) reclaiming $95,000 and Dogecoin (DOGE) trading at $0.33.

However, whale activities throughout the day seemed to suggest a cautious approach among market participants. Large holders have continued to dump their assets, with a recent Dogecoin whale transaction catching attention.

Dogecoin Whales Move Hefty Funds to Coinbase

Whale Alert pointed to a notable Dogecoin shift on Friday. In two parallel tweets, the on-chain tracker uncovered possible DOGE sales worth a combined $74 million.

The two transactions, as highlighted by Whale Alert, raised curiosity within the Dogecoin community for happening simultaneously. Moreover, the two large transactions shifted their tokens to the same exchange.

In the first reported transaction, wallet address “D8hi4d” transferred 112.6 million DOGE to “D6Dz1p,” which is identified as a Coinbase Deposit wallet. The transaction, valued at nearly $38 million, occurred by 11:01 (UTC) on Friday.

Concurrently, another wallet, “D7fXyK,” moved 106.4 million DOGE to the Coinbase Deposit address. Both wallets had nothing after the transaction, emptying their holdings for a potential sell-off on Coinbase.

Dogecoin Trades at a Crucial Support

While Dogecoin has shown signs of life today, the meme coin still trades near crucial support, as analyst Crypto Zeinab has identified. The meme coin consolidated around the area between $0.3435 and $0.3085 for days before a January 3 breakout turned the former resistance into support.

How Dogecoin handles the demand area would determine its next price action. Analysis shows the doggy-themed token could either bounce from the region to retest its January 4 high of $0.3988 or fall further to the 0.618 Fibonacci level at $0.2730.

In the meantime, DOGE trades at $0.3309, up 3% in the past 24 hours.