Whales Send 60M DOGE to Coinbase As Price Surges

The recipient wallet just recently offloaded nearly 2.5 million tokens.

Dogecoin (DOGE) whales have picked up the pace this week, as 60 million DOGE tokens currently valued at $5.2 million were recently moved to a Coinbase wallet. The development occurs at a time when DOGE has staged a relief rally that has seen it surge by 5% today.

Whale Alert, a leading blockchain tracking and analytics platform, highlighted the transaction today. The transaction, which occurred on Friday at 23:49 (UTC), saw the transfer of 60,329,067 (60.3M) DOGE worth $5.2 million from an unknown wallet to a wallet affiliated with American exchange Coinbase.

? 60,329,057 #DOGE (5,252,500 USD) transferred from unknown wallet to #Coinbasehttps://t.co/7mFj4N92BY

— Whale Alert (@whale_alert) January 27, 2023

The transaction has up to eight inputs, per data from the official Dogecoin explorer, with up to five accounting for 9 million DOGE each. The recipient address currently has 54.7 million DOGE ($4.9 million) as balance, having shuffled millions of tokens between several unknown wallets in the past few hours.

The recent transaction is the latest in a series of whale movements involving DOGE throughout the week following several bullish developments surrounding the asset. On Tuesday, Whale Alert highlighted the transfer of 57 million DOGE worth $5.1 million from an unknown wallet to Coinbase.

Shortly after that, one of the largest DOGE transfers since last November occurred, as 1.4 billion DOGE ($117.5M) was sent to Binance. Barely 30 minutes later, whales moved 985 million DOGE worth $82.6 million to 12 different unknown wallets. Some market watchers assert that the whale in question had retained 415 million tokens for selloffs, but there is little evidence to confirm this.

DOGE Price Analysis

Meanwhile, DOGE just recently reclaimed the $0.09 price level after trading below the territory since the crash on Tuesday. At a time when Bitcoin (BTC) and Ethereum (ETH) are trading flat, DOGE has joined a few altcoins to stage a modest relief rally. The asset has gained by 5.1% in the past 24 hours, currently changing hands at $0.9003.

DOGE has so far soared above the first and second crucial resistance points at $0.0880 and $0.0893 respectively. It briefly eclipsed the third resistance at $0.0924 earlier this morning before facing opposition from the bears. The asset is looking to set up a comfortable position above the third resistance.

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