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

通過區塊鏈監控平台鯨魚警報發現了三項大型Dogecoin交易。

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.

這三筆交易，每筆交易，載有104,125,016個門Doge（約合20.9萬美元），迅速執行，並從三個不同的地址發送到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）從未知的錢包轉移到#CoinBaseHttps：//t.co/zhkkkbkn9bm-鯨魚警報（@Whale_Alert）5月31日，2025年5月31日

🚨 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）從未知的錢包轉移到#CoinBaseHttps：//t.co/4x6lihhdsk-鯨魚靜脈

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

🚨104,125,016#doge（20,090,304 USD）從未知的錢包轉移到#CoinBaseHttps：//t.co/6g8vek2hnj-鯨魚警報（@whale_alert），5月31日，2025年5月31日

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.

儘管錢包在技術上是分開的，但它們相同的平衡，轉移的緊密時機和同步運動表明它們可能是由單個實體控制的。根據鏈上的歷史，這些錢包於2021年10月開始收到Dogecoin，大約在2021年5月的加密貨幣達到其歷史最高0.7316美元的五個月後。 2022年再次添加了新鮮的喬治，但是從那時起，幾乎沒有到來的活動。

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.

此外，這些地址雖然在2020年創建，但直到現在才有任何外向活動。這使得最近的轉移不僅不尋常，而且很重要，因為它標誌著這些令牌首次被轉移到交換中。

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.

經過將近兩年的持有，現在將這些大量的狗狗貨幣發送到交換的事實可能會立即引起投資者的擔憂，認為這表明即將拋售。這些錢包可以集中在清算其全部狗狗幣，並將令牌發送到Coinbase以促進這一點。

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.

但是，這不一定是正確的，還有另一種可能性。這些錢包可能不是外部擁有的，而是屬於Coinbase本身。在這種情況下，轉移可以簡單地表示內部重組或冷到熱錢包的重新分配，這對Dogecoin的價格沒有威脅。目前，尚無確切的證據證實各種情況，不確定性足以使零售商人保持警惕。