Massive Dogecoin (DOGE) whale transfer to Coinbase spotted amid bullish price rally.
Despite the likely liquidation move, DOGE buyers remain positively triggered.

The Dogecoin (DOGE) community witnessed a key event recently as a massive transfer of 64 million DOGE tokens to Coinbase sparked a notable surge in the digital currency’s price. The transaction not only caught the attention of the crypto community but also had a tangible impact on the market, leading to a 5.5% increase in the value of DOGE.

Details of the Dogecoin Transfer

Whale Alert, a blockchain tracking service specializing in large crypto transactions, gave the announcement on the X platform, noting that the transfer originated from an unknown sender wallet and involved 15 transactions in total. 

According to Whale Alert, the accumulated value of these transactions amounted to $6,127,419 from exactly 64,746,017 DOGE, with the last four transactions carrying approximately 10.5 million DOGE each. Notably, the sender’s wallet now stands empty, indicating a potentially strategic move to liquidate the memecoin on the Coinbase exchange.

Meanwhile, Dogecoin has been riding a wave of volatility in recent weeks, experiencing a notable 35.7% increase between November 28 and December 6, reaching the $0.1041 level. This surge was commemorated by the Dogecoin community on December 6th, celebrating the cryptocurrency’s birthday. 

However, the Dogecoin witnessed a 10.5% correction the next day, December 7. This bearish twist was temporary as its trading volume rebounded, jumping 22% with a trading volume of approximately $1.23 billion.

Recent data indicate that DOGE has increased by more than 5.54% in the last 24 hours, trading at $0.1026. This demonstrates resilience in the face of crypto market fluctuations. Surprisingly, Dogecoin’s performance stands out compared to Bitcoin’s relatively modest 1.64% increase. The current trading price, while not reaching its May 2021 peak of over $0.7376, is still a commendable achievement for the memecoin.

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Revelations from DOGE Co-founder

In an unexpected revelation, DOGE co-founder Billy Markus admitted a bug in Dogecoin’s code, indicating the absence of a limit on the total number of tokens that can be mined. Markus acknowledged that had this bug been fixed, Dogecoin might have ceased to exist long ago. This admission adds an intriguing layer to Dogecoin’s narrative and raises questions about its long-term sustainability.

Notably, a top crypto analyst, renowned for insights sharing on the Crypto Capital Venture YouTube channel, has identified compelling metrics suggesting that Dogecoin is on the brink of a major breakout. 

Key metrics include the fact that 65% of Dogecoin wallet addresses are currently profitable, indicating a bullish sentiment among investors. Furthermore, there has been a notable increase of 50,000 Dogecoin owning addresses in the last 30 days, a figure that shows solid fundamentals and a correspondingly growing address.

The expert has set a short-term price target of 16 cents, projecting a nearly 100% rally from the current levels of around 9 cents. This prediction is grounded in the analyst’s earlier call this year when he disclosed purchasing a significant amount of Dogecoin at approximately 6 cents. 

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Filed under: Bitcoin - @ December 11, 2023 4:30 am