Massive Dogecoin Transfer to Coinbase Sparks Speculation

• Dogecoin’s price is currently around $0.055, down from its all-time high of $0.73.
• Crypto trader Ali Martinez noted a large multi-year triangle pattern forming for Dogecoin.
• The official Dogecoin Twitter account urged community members to withdraw DOGE from centralized platforms and use self-custody wallets.

A whale-sized transfer of the popular meme cryptocurrency Dogecoin (DOGE) has caught the attention of the crypto community. According to blockchain tracker Whale Alert, an anonymous wallet moved 110 million DOGE, worth around $6.1 million, to leading U.S. exchange Coinbase on February 5th.

The massive transaction comes as Dogecoin hovers near $0.055, down significantly from its all-time high of $0.73 last year. Some analysts believe DOGE may be primed for a new bull run towards the psychologically important $1 level if it can hold key support.

🚨 110,000,000 #DOGE (6,623,846 USD) transferred from unknown wallet to #Coinbasehttps://t.co/8MmAEKpCLN

— Whale Alert (@whale_alert) October 16, 2023

Dogecoin is approaching a large multi-year triangle pattern

Crypto trader Ali Martinez noted that Dogecoin is approaching the apex of a large multi-year triangle pattern. He advised traders to watch the $0.0482 support level closely for signs of weakness that could lead to new lows. The transfer itself did not immediately impact DOGE prices.

Meanwhile, the official Dogecoin Twitter account recently urged community members to withdraw DOGE from centralized platforms. Citing the common phrase “not your keys, not your coins”, they advised using self-custody wallets instead.

The warning follows similar guidance from Bitcoin advocate Samson Mow to secure holdings in personal wallets. Crypto projects often encourage such custody to reduce counterparty risk.

While the motivation behind the mega Dogecoin transfer is unknown, it has brought renewed attention to the long-running meme coin as investors evaluate both its price outlook and the team’s caution about holding on exchanges. The coming weeks may determine whether DOGE can break its current lull.

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