Large Dogecoin (DOGE) transfers have sparked rumors in the crypto community about the imminent listing of Dogecoin futures on popular cryptocurrency exchange Coinbase.
Transfers of over 500 million Dogecoin (DOGE) tokens from unknown wallets indicate that the listing on Coinbase is very close, writes U.today.
Analytics platform Whale Alert has registered increased whale activity and mysterious transfers totaling around 557 million DOGE, indicating that the long-awaited listing of Dogecoin (DOGE) futures on crypto exchange Coinbase is around the corner.
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Today, Whale Alert reported large transfers of $68.7 million worth of DOGE tokens. At the same time, the previously inactive wallets "DFBx6" and "DCTpB" became active, signaling potential drastic changes in the near future.
Both wallets have been inactive since June 2021, when Dogecoin was first listed during the 2021 bull market. Their sudden transfers have caught the attention of crypto experts.
Coinbase's plans to launch DOGE futures trading have long been known, and many DOGE holders are looking forward to it. After successfully listing Bitcoin Cash (BCH) and Litecoin (LTC) on Coinbase earlier this month, the exchange is preparing to launch DOGE. This will definitely have an impact on the meme token market.
At the time of writing, Dogecoin was trading at $0.1504. The popular meme coin has seen a growth of 1.5% in the last 24 hours.
Large whale transactions can't be considered 100% confirmation, but they are in line with market expectations. Dogecoin (DOGE) prices may show increased volatility against this backdrop.
Such a scenario is similar to the recent events surrounding the Robinhood platform, which transferred 3 trillion tokens to Shiba Inu shortly before announcing the token's listing. Therefore, amid Coinbase's previous plans to list DOGE, expectations are growing that Dogecoin futures may soon join the exchange's other offerings.
Read also: Bitget announces listing of BB tokens on Pre-market
