Gate News message, April 16 — A newly identified wallet has accumulated over 3 billion DOGE worth approximately $294.86 million in just hours, drawing attention to renewed on-chain activity in Dogecoin despite subdued price action. The address, labeled “DGdax…GRzKcq,” has held this position as transaction records indicate large transfers originating from Robinhood-linked wallets.
The inflows included rapid successive transfers of 150 million, 200 million, and 350 million DOGE from exchange-linked hot wallets to the private holding address. This pattern suggests a deliberate shift away from immediate selling intent, as assets moved off exchanges are typically less readily liquidated and often signal a longer-term holding strategy. The removal of over 3 billion DOGE from exchange circulation could reduce immediate sell pressure and tighten order books.
The timing is notable—these transfers occurred days before April 20, a date historically tied to Dogecoin’s price movements, adding another layer of speculation to current market dynamics. At the time of writing, DOGE is trading around $0.09956, up 4.79% in the past 24 hours. The concentration of accumulation within this range suggests large holders view it as a favorable entry zone, reflecting confidence in the asset’s near-term stability.
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