312 Million Dogecoin Moved To Coinbase – What’s Going On?

The price action of Dogecoin in the past 48 hours have seen it finally break below the $0.2 mark after a whole week of bullish investors trying to hold above the $0.22 support level. However, this break below the $0.22 support has cascaded into a string of selloffs that eventually pushed Dogecoin below $0.2.

The mood was further complicated by a recent on-chain development of a massive inflow of Dogecoin into crypto exchange Coinbase that has raised eyebrows across the crypto community.

312 Million Dogecoin Moved Into Crypto Exchange Coinbase

According to data from blockchain monitoring platform Whale Alert, three large Dogecoin transactions were recorded in rapid succession, each involving 104,125,016 DOGE valued at approximately $20.09 million. These transfers were sent from three different wallets to the Coinbase exchange, bringing the total moved to 312,375,048 DOGE, worth over $60 million at the time of the transaction.