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

通过区块链监控平台鲸鱼警报发现了三项大型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.

这三笔交易，每笔交易，载有104,125,016个门Doge（约合20.9万美元），迅速执行，并从三个不同的地址发送到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）从未知的钱包转移到#CoinBaseHttps：//t.co/zhkkkbkn9bm-鲸鱼警报（@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）从未知的钱包转移到#CoinBaseHttps：//t.co/4x6lihhdsk-鲸鱼静脉

🚨 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）从未知的钱包转移到#CoinBaseHttps：//t.co/6g8vek2hnj-鲸鱼警报（@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.

尽管钱包在技术上是分开的，但它们相同的平衡，转移的紧密时机和同步运动表明它们可能是由单个实体控制的。根据链上的历史，这些钱包于2021年10月开始收到Dogecoin，大约在2021年5月的加密货币达到其历史最高0.7316美元的五个月后。2022年再次添加了新鲜的乔治，但是从那时起，几乎没有到来的活动。

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，这些地址虽然在2020年创建，但直到现在才有任何外向活动。这使得最近的转移不仅不寻常，而且很重要，因为它标志着这些令牌首次被转移到交换中。

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.

经过将近两年的持有，现在将这些大量的狗狗货币发送到交换的事实可能会立即引起投资者的担忧，认为这表明即将抛售。这些钱包可以集中在清算其全部狗狗币，并将令牌发送到Coinbase以促进这一点。

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，这不一定是正确的，还有另一种可能性。这些钱包可能不是外部拥有的，而是属于Coinbase本身。在这种情况下，转移可以简单地表示内部重组或冷到热钱包的重新分配，这对Dogecoin的价格没有威胁。目前，尚无确切的证据证实各种情况，不确定性足以使零售商人保持警惕。