300 Million Dogecoin (DOGE) Moved To Robinhood As Price Swells
01 Dezembro 2023 - 2:00PM
NEWSBTC
The Meme-based cryptocurrency Dogecoin (DOGE) has recently
experienced a significant increase in whale transactions during an
improvement in the crypto asset’s price. 300 Million Dogecoin
(DOGE) Dumped In Crypto Exchange Data from the on-chain crypto
tracker Whale Alert recently revealed that a massive amount of
Dogecoin (DOGE) was transferred to Robinhood. This whale
transaction has attracted the interest of traders and investors in
the larger cryptocurrency space. Related Reading: Dogecoin Sees
Highest Transactions Count Ever Due DRC20 Madness According to the
crypto tracker, the transfer was orchestrated by an unknown wallet
address earlier today. The wallet address identified as
DDuXG.ruc1wwKF sent about 300 million DOGE to the cryptocurrency
trading platform Robinhood. The post read: 300,000,000 #DOGE
(25,033,123 USD) transferred from unknown wallet to #Robinhood.
With the current price of Dogecoin, the whale transaction is valued
at approximately $25 million. The whale moved the substantial
Dogecoin haul to Robinhood for a comparatively low network cost of
just $0.18. This is most likely by taking advantage of times when
fees and congestion were low. The transfer of DOGE to
Robinhood suggests that the whale is looking to sell the tokens,
igniting speculation in the larger cryptocurrency market. However,
it seems that the meme-based cryptocurrency’s price increase runs
counter to the tokens being dumped on exchanges. Currently, the
price of DOGE is sitting at $0.0839, indicating an over 2% increase
in price in the past 24 hours. Meanwhile, its market capitalization
is also reflecting the same percentage rise at $11.9 billion,
according to CoinMarketCap. A similar whale transaction was also
flagged by the on-chain tracker recently. In October, a
similar transaction of 300 million DOGE tokens occurred thrice,
while last month also saw a similar transaction twice. Related
Reading: Is Dogecoin About To Reverse? Key Factors To Watch
Large-scale individual transactions usually come with the danger of
crashes due to fast liquidations or market manipulation. However,
there is no solid evidence that the whale transaction had any
impact on the token’s price. The Crypto Asset’s Holders Increases
Significantly Dogecoin has shown a significant uptick in its total
number of holders lately. Analytics firm IntoTheBlock revealed
that the total number of addresses holding a balance exceeded 5
million this week, and reached a high of 5.02 million on November
27. A major factor contributing to the rise in new Dogecoin
addresses is the cryptocurrency’s increasing adoption and interest.
The on-chain analytics firm also revealed that the numbers have
been increasing gradually since the start of the year. “This recent
activity is most likely driven by Dogecoin “Doginals”, which don’t
require a significant on-chain balance of $DOGE,” IntoTheBlock
said. DOGE trading at $0.0833 on the 1D chart | Source: DOGEUSDT on
Tradingview.com Featured image by iStock, chart by Tradingview.com
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