- Over 200 million DOGE was transferred to OKEX from unknown wallets in two high-value transactions in the past 24 hours.
- OKEX sent out nearly the same amount of DOGE shortly after, fueling speculation around potential coordinated wallet activity.
- Dogecoin rose 42 percent in four days and may consolidate before its next move, as ETF anticipation drives market momentum.
Dogecoin experienced a noticeable increase in whale transactions over the past 48 hours. According to blockchain monitoring services, more than 200 million DOGE was transferred to the cryptocurrency exchange OKEX in two major transactions. The first transaction involved 119,306,143 DOGE, valued at $34.6 million, followed shortly by a second transfer of 81,231,471 DOGE worth $23.4 million. Both transactions originated from unknown wallets and were recorded within a 24-hour window.
In a mirrored development, OKEX was also the origin point for two significant DOGE transfers in the same period. One of the outflows involved 119,306,143 DOGE, almost identical to the earlier inflow, valued slightly higher at $34.8 million. The other transfer included 120,000,000 DOGE worth $35.5 million, moved to another unidentified wallet. The identities of the wallets remain undisclosed, and the relationship between the sending and receiving parties is not yet confirmed.
Price Response to Movement
Following these whale-sized movements, Dogecoin’s price initially surged, hitting $0.3075 after climbing for four consecutive days. This was the highest price point since February. However, the momentum has slightly cooled, with the price currently retreating to $0.28. Despite the correction, Dogecoin maintains a 5.57 percent daily gain and a strong 29 percent rise over the past week.
The increase in large transactions coincides with anticipation around the launch of the Rex Osprey DOGE ETF. The ETF, expected to debut this week, will mark the first Dogecoin exchange-traded fund in the United States. The possibility of institutional exposure may be influencing the accumulation and movement of DOGE across major platforms.
Market Outlook Remains Active
Crypto analyst Ali has projected a period of price consolidation for Dogecoin following the latest surge. According to the analyst, DOGE is expected to stabilize before potentially making another upward move toward the $0.45 range. This comes as investor interest remains high amid broader market activity and positive sentiment around meme coin assets.
