Over $50M in Dogecoin Moved Off Exchanges; Are Insiders Prepping for a Pump?
DOGE sees $54M outflows as whales accumulate. Meanwhile, traders eye Remittix for real-world payments as ETF hopes and Musk updates loom.
Glassnode’s real-time feed flagged $54 million in net DOGE outflows over 48 hours ending 20 June—part of a wider slide that has stripped roughly $658 million from trading venues since early May.
The shift comes as daily active addresses jump 34.9% to 157,190, eclipsing week-on-week growth in both Bitcoin and Ethereum. Desk chatter is turning to whether whales are staging a fresh squeeze, though one market-making friend has quietly parked funds in Remittix, a payment token already moving real invoices while DOGE waits on catalysts.
Exchange Outflows and Whale Moves
Blockchain sleuths tracked more than one billion DOGE—roughly $170 million—flowing into top-ten “accumulation” wallets over the past 30 days. A separate 260 million-coin haul left Robinhood via two transfers on 18 June, landing in a single cold address.
Historically, clusters at private wallets signal either long-term conviction or coordinated campaigns to tighten float. Meanwhile, Coinbase logs depth inside 2% spreads at just $0.0034—thinner than four weeks ago—so any sudden buy wave could move the DOGE book quickly.
Institutional footprints add to the puzzle. Two weeks ago, a $20 million block transfer hit Coinbase before a brief rally, hinting at structured positioning. Option writers are seeing it too: end-August implied volatility sits near 114%, above the meme-coin average, while put–call parity remains even, suggesting funds want exposure both ways rather than leaning short.
Price Set-Up, Musk, and the ETF Clock
Spot DOGE trades at $0.169 after bulls defended the $0.165 shelf for three straight sessions. A break below invites $0.148, yet reclaiming $0.187 could tag $0.21 and trigger stop-ins. Momentum sends mixed signals—RSI at 46, MACD near zero—so headlines will likely steer direction.
The community still pins hopes on the pending VanEck/Galaxy spot DOGE ETF, now in its final SEC comment window through 28 July. Deribit skew remains flat, which implies traders expect news but haven’t picked a side.
The Musk factor lingers: Financial Times reported his X Money product may go live without crypto, no DOGE integration yet. That dampened speculative bids last week, though any tweet could flip sentiment. Until then, whales and exchange reserves tell the louder story.
Waiting for Pumps vs. Owning Payments
Net outflows suggest insiders favor self-custody while plotting the next DOGE push. Whether that pump lands hinges on ETF timing, Musk headlines, and tight liquidity zones above $0.18.
Traders hedging those unknowns are sampling Remittix—drawn to a token already settling multi-currency payouts and logging a 28 % weekly rise in wallet installs. If meme momentum returns, DOGE could sprint; if it stalls, a PayFi coin with live cash-flow utility might look like the steadier bet.
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