Dogecoin Whale Has Made A Large Exchange Inflow Today

On-chain data shows a Dogecoin whale has just transferred a large amount of DOGE to Coinbase, something that could be bearish for the price.

Dogecoin price may suffer as a Dogecoin whale has just transferred a large amount of DOGE to Coinbase, an exchange known for facilitating the selling of coins.

Dogecoin Whale Makes A Large Exchange Inflow Today

Whale Alert reported a couple of large transactions on the DOGE network over the past 24 hours. Both these transfers are on a scale that is usually attributed to the whale entities.

These whales are investors who hold a massive amount of the cryptocurrency in their addresses and, as such, carry a significant degree of influence in the market.

Due to their key position on the network, the moves of these humongous investors can be worth following.

Even if their actions may not directly influence the memecoin’s value, they can still tell us about the sentiment among these titans.

A lot of the time, though, it’s hard to say anything about exactly what a whale intended to do with a transaction, given the anonymous nature of the blockchain.

That said, sometimes one of the wallets is connected with a centralized platform and in those cases, there is indeed room for speculation to be done.

One of the large Dogecoin transactions from the last 24 hours is of this type. Here are the details for the transfer in question.

The sending address for this Dogecoin transaction was an unknown wallet, meaning that it was likely the investor’s personal address, but the receiver is connected to a known entity: the Coinbase exchange.

In total, the whale moved 197,606,395 DOGE to the platform with this transfer. At the time that the transaction was executed, this stack was worth almost $84.6 million.

Moves of this type, where coins flow from a self-custodial address to an exchange-associated wallet, are known as exchange inflows.

As one of the main reasons why investors deposit to these platforms is for selling-related purposes, exchange inflows can carry a bearish implication for the asset’s price.

While the amount involved in this whale Coinbase inflow is significant, it alone may not be enough to move the asset. The deposit can still be bad news, however, as it may signal that the whales are looking to exit now that the memecoin’s run has gone cold.

The other Dogecoin whale transaction from today involved a transfer of 130 million DOGE ($56.2 million), but this move took place between two unknown wallets, so it’s not possible to guess what purpose it might have had.

It could be a sign of selling through an over-the-counter (OTC) deal or it could be as simple as the holder moving their funds to a fresh address.

DOGE Price

At the time of writing, Dogecoin is trading around $0.42, up 16% over the last week.