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While the Dogecoin (DOGE) market remains stuck in a two-month sideways drift, on-chain data from Arkham shows a surge of activity in a newly identified wallet. Over the past few hours, the address "DGdax...GRzKcq" has accumulated more than three billion DOGE, bringing the portfolio balance to $294.86 million.
The key point of interest is not only the volume but also the source of funds. According to transaction history, over the past several hours, a series of large transfers (150 million, 200 million and 350 million DOGE) were sent to this address from hot wallets associated with Robinhood.
How three-billion-DOGE "exit" limits short sellers before Doge Day
The movement of coins from an exchange to a custodial or cold wallet is typically interpreted as a reduction in sell pressure. The holder of these assets is clearly not planning to liquidate them in the coming hours, opting instead for off-exchange storage.
The activity was recorded exactly four days ahead of April 20 (4/20), a date historically associated with speculative rallies in Dogecoin. Last year, the asset gained 62% over 41 days following this date, reaching a peak of $0.25 in mid-May.
Accumulating such a position within the narrow $0.089-$0.097 range suggests that large holders may view the current consolidation as an accumulation zone ahead of a potential impulse. In 2024, from this same range, Dogecoin posted a 333% increase over 50 days.
While the movement of three billion DOGE alone does not guarantee price appreciation, the removal of such supply from Robinhood limits the liquidity available to short sellers. If historic patterns repeat and demand increases on April 20, reduced Dogecoin availability on exchange order books could trigger a price move that most market participants did not expect to see in the current market environment.
Dan Burgin
U.Today Editorial Team
