Whale Alert has reported that two tranches of Dogecoin worth $32.6 million each were sent to Coinbase from unknown wallets. The transfers are seen as a large investor's intention to sell, as such deposits on Coinbase are typically made for selling holdings on a liquid platform. The wallets belong to one entity, possibly Coinbase itself, leading to speculation that it may be an internal operation. The price of Dogecoin has been falling in line with the broader market, with a loss of over 12.5% since the beginning of the week and a total loss of over 31% since the year's highs. The recent transfers, if indicative of a whale depositing tokens to sell on Coinbase, could be a bearish signal for Dogecoin.



Other News from Today