Coinbase Sees Massive Dogecoin Movement as Dormant Wallet Transfers $20M After 4 Years

A previously inactive Dogecoin wallet has suddenly transferred its entire balance of 104 million DOGE, worth approximately $20 million, to Coinbase. This marks the first activity from the address since 2021, according to blockchain records. The transaction was flagged by Whale Alert, drawing significant attention in the cryptocurrency community. The wallet had initially received DOGE from Coinbase Pro withdrawals in October 2021, accumulating small amounts over time without any outgoing transactions until now. This unexpected movement raises questions about the motives behind the transfer and its potential impact on the Dogecoin market. As one of the largest meme coins, Dogecoin’s price and trading volume could see fluctuations following this substantial deposit into a major exchange like Coinbase. The timing of the transaction also coincides with renewed interest in altcoins, as Bitcoin and Ethereum continue to dominate headlines. Analysts are closely monitoring whether this signals a broader trend of dormant wallets reactivating, which could introduce additional liquidity or selling pressure into the crypto markets. The identity of the wallet owner remains unknown, adding an element of mystery to this high-value transfer.

Dormant Dogecoin Wallet Transfers $20M to Coinbase After 4-Year Silence

A previously inactive Dogecoin wallet suddenly moved its entire balance of 104 million DOGE—worth approximately $20 million—to Coinbase over the weekend. The transaction, flagged by Whale Alert, marks the first activity from the address since 2021.

Blockchain records show the wallet initially received Doge from Coinbase Pro withdrawals in October 2021, accumulating small amounts over time without any outgoing transactions. The timing coincides with DOGE’s recent 18% price decline from mid-May highs, fueling speculation about a strategic sell-off or OTC deal.

The complete liquidation—leaving zero residual balance—has drawn attention from the DOGE community. Large transfers to exchanges often precede significant market movements, though the whale’s ultimate intentions remain unclear.

Shibarium Fees Draw Attention Amid Solana Cost Debate

The cryptocurrency community is scrutinizing blockchain transaction costs after Coinbase’s Jesse Pollak highlighted Solana’s $200 smart contract deployment fee. The comparison has shifted focus to Shibarium, an ethereum Layer 2 solution, where engineers report sub-10 Gwei costs for similar operations.

Pollak’s critique carries institutional weight given his role in developing Coinbase’s Base network and wallet infrastructure. His public questioning of Solana’s fee structure has reignited discussions about scalability trade-offs across competing blockchain architectures.

Market observers note the timing coincides with growing institutional demand for cost-efficient DeFi infrastructure. The fee disparity between networks like Solana and Ethereum L2 solutions may influence developer migration patterns in coming quarters.