A massive Dogecoin (DOGE) transfer of 104,125,016 DOGE, valued at approximately $20 million, has been moved to Coinbase, one of the largest U.S.-based cryptocurrency exchanges.
Dormant Wallet Suddenly Activates
The wallet responsible for this transfer had been inactive since October 2021. The address DNbYuLjGbdiqcv39grmE1ahkMU19Y5dFND showed no outgoing transactions for nearly four years.
This is the wallet’s first outgoing transaction since 2021, and blockchain data confirms that its original DOGE holdings were received through Coinbase Pro withdrawal addresses. Over time, the address gradually accumulated DOGE, but never moved funds—until this sudden and complete transfer.
The entire DOGE balance was emptied in a single transaction late Saturday night.
Timing Raises Market Speculation
The timing of this move is particularly notable. As of the transfer, DOGE had dropped to $0.188, down from a high of $0.23 in mid-May—a loss of nearly 18% in under 10 days.
This transfer occurred during a local price low, which suggests either a strategic accumulation or an attempt to exit a falling market.
Large-scale deposits to exchanges often signal one of the following:
- Potential liquidation
- Preparation for over-the-counter (OTC) settlement
- Wallet consolidation before further trading or movement
What This Means for Dogecoin
This unexpected transfer opens the door to several interpretations:
- A whale could be preparing to sell, taking advantage of any upcoming price recovery.
- It could be an internal Coinbase operation, such as consolidation of inactive wallets.
- It may also represent a long-term investor choosing to exit after years of dormancy.
Regardless of the motivation, moving over $20 million worth of DOGE to a public exchange is a significant on-chain event.
Dogecoin has not seen such movement from this address since 2021, making this activity highly relevant to both retail traders and institutional observers.
Conclusion
A long-dormant Dogecoin whale has re-entered the scene with a $20 million transfer to Coinbase. Whether this signals a sell-off or strategic repositioning remains unclear, but the implications for market sentiment and DOGE’s price movement could be significant in the coming weeks.