104,125,016 DOGE Transfer Strikes Major US Exchange Coinbase

Massive Dogecoin Wallet Empties into Coinbase, Raising Questions

In a surprising move, a wallet holding over 104 million DOGE, valued at around $20 million, emptied its entire balance into Coinbase late Saturday night. The transfer, first identified by Whale Alert, was not only substantial but also came from a wallet that had remained completely silent since 2021.

The address, DNbYuLjGbdiqcv39grmE1ahkMU19Y5dFND, had received its first DOGE back in October 2021, with the funds traced to Coinbase Pro withdrawal addresses. Since then, the wallet had accumulated DOGE through smaller deposits, but had never moved any out—until now.

The full balance of 104,125,016 DOGE was transferred in a single transaction, with no leftover dust. This kind of move often raises questions, as large transfers to a major exchange typically suggest possible liquidation, positioning for OTC settlement, or consolidation ahead of a move.

The timing of the transfer is particularly noteworthy, as Dogecoin has been under pressure for weeks. After pushing above $0.23 in mid-May, the cryptocurrency had been grinding down, and by the time of this transfer, it had fallen to $0.188, a decline of around 18% in less than 10 days. This drop places the transfer right into a local low, leaving speculation as to whether it represents someone catching the bottom or exiting on the way down.

Whether this is a case of a whale waking up, internal Coinbase flows, or a long-term holder cashing out, one thing is clear: a significant amount of DOGE that had sat still for nearly four years has now been moved, and in a significant way.