Three large transactions of Dogecoin were spotted by blockchain monitoring platform Whale Alert.

The three transactions, each carrying 104,125,016 DOGE (approximately $20.09 million), were rapidly executed one after another and sent from three different addresses to crypto exchange Coinbase.

🚨 104,125,016 #DOGE (20,090,304 USD) transferred from unknown wallet to #Coinbasehttps://t.co/ZHkkBkN9Bm— Whale Alert (@whale_alert) May 31, 2025

🚨 104,125,016 #DOGE (20,090,304 USD) transferred from unknown wallet to #Coinbasehttps://t.co/4x6lIhHDSk— Whale Alert (@whale_alert) May 31, 2025

🚨 104,125,016 #DOGE (20,090,304 USD) transferred from unknown wallet to #Coinbasehttps://t.co/6G8vEk2Hnj— Whale Alert (@whale_alert) May 31, 2025

Although the wallets are technically separate, their identical balances, the close timing of the transfer, and synchronized movement suggest that they are likely controlled by a single entity. According to on-chain history, these wallets began receiving Dogecoin in October 2021, around five months after the cryptocurrency reached its all-time high of $0.7316 in May 2021. Fresh batches of DOGE were added again in 2022, but since then, there had been little to no incoming activity.

Moreover, these addresses, despite being created in 2020, haven’t had any outgoing activity until now. This makes the recent transfers not only unusual but significant, as it marks the first time these tokens are being moved out and directly to an exchange.

After nearly two years of holding, the fact that these large amounts of Dogecoin are now being sent to an exchange might immediately raise concerns among investors, thinking that this is an indication of an impending selloff. These wallets could be focused on liquidating their entire holdings of Dogecoin and the tokens are being sent to Coinbase to facilitate this.

However, this isn’t necessarily true, and there is another possibility. These wallets might not be externally owned but belong to Coinbase itself. In that case, the transfers may simply represent internal restructuring or cold-to-hot wallet reallocation, which poses no threat to Dogecoin’s price. At present, there is no conclusive evidence confirming either scenario, and the uncertainty is enough to keep retail traders on alert.