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400M DOGE Transfer Sparks Speculation: ‘Huge Dogecoin Breakout Soon,’ Says Analyst

In mid-February, a crypto analyst had predicted Dogecoin (CRYPTO: DOGE) would start the memecoin season with a pump to 10 cents. Analysts remain bullish on the token.

What Happened: On Feb. 22, 2024, a notable transfer of 400 million DOGE, valued at $34.1 million, occurred from an unknown wallet to another unknown wallet, according to Whale Alert data. This transfer comes amid a series of movements involving Dogecoin, including 86.3 million DOGE transferred from Robinhood to an unknown wallet on Feb. 20, and 102.2 million DOGE moved between the same wallets on Feb. 15.

The recent whale transfers in Dogecoin coincide with a decline in miners’ sell-off activities. IntoTheBlock data, reported by U. Today, shows a significant decrease in net outflows from miners, dropping from 19.44 million to 7.27 million DOGE over the past 24 hours. Dogecoin miners collectively hold reserves estimated at 4.16 billion DOGE, valued at $354.86 million.

Read Next: Dogecoin In Crypto Top 10 Again With $12.2B Market Capt: 'Bring The Fire,' Says Analyst

Why It Matters: In a separate development, Coinbase announced the inclusion of Dogecoin, along with two other tokens, in its perpetual futures contracts lineup. It will be available on Coinbase International Exchange and Coinbase Advanced trading platforms.

Crypto Daily Trade Signals tweeted that they anticipate a major rally.

Heavily followed crypto analyst Jackis said, “DOGE is now like an index price for all the other meme coins out there. If it does 500%, the others will do 5000%. Just a hint for the smarter followers out there.”

Dogecoin has achieved a milestone by surpassing the million mark in daily transactions during February. This significant achievement indicates a robust adoption rate for the cryptocurrency.

Also Read: Shiba Inu Vs. Dogecoin: Who Will Have A Higher Market Cap In 2025? This Video Shows…

Photo: Shutterstock

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