Dogecoin plunges below $0.2 amid massive exchange inflow

Dogecoin's price fell below $0.2 after bullish investors failed to maintain the $0.22 support level. A significant on-chain development revealed a large inflow of Dogecoin into Coinbase, raising concerns within the crypto community. According to Whale Alert data, three transactions of 104,125,016 DOGE each, valued at approximately $20.09 million, were sent to Coinbase from different wallets. The total moved amounted to 312,375,048 DOGE, worth over $60 million at the time of the transaction. These wallets, receiving Dogecoin since October 2021, showed no outgoing activity until now. The transfers sparked concerns of a potential selloff, introducing selling pressure on Dogecoin. While a selloff is a possibility, the wallets might belong to Coinbase, indicating internal restructuring. Dogecoin is currently trading at $0.188, reflecting a 0.35% decrease in the last 24 hours and a 14% drop over the past week.