A recent Dogecoin whale transaction has raised concerns about where DOGE’s price might be headed next. While large transactions are not new to the leading meme coin in the space, the destination of the transaction is what’s important.
Dogecoin Whale Sends $5 Million To Exchange
In a recent transaction that was flagged by on-chain tracker Whale Alert, a Dogecoin whale made a massive transfer of tokens to a centralized exchange. The transaction was carrying a total of 67,881,717 DOGE tokens, which were valued at over $5 million at the time of the transfer.
As highlighted by the on-chain tracker, the transaction was headed toward Coinbase, a centralized crypto exchange. This destination could help to tell the reason why the whale made this transaction and probably figure out what kind of impact it could have on the price of DOGE.
One of the reasons why investors move coins from their personal wallets to centralized exchanges is to sell. This is because centralized exchanges provide hi
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