Dogecoin Whale Moves 71 Million DOGE To Robinhood, What Does This Mean For Price?
27 Dezembro 2023 - 9:20PM
NEWSBTC
A Dogecoin whale address recently made a transfer of 71.2 million
DOGE valued at $6.3 million into Robinhood from a private address.
According to various social media posts by whale transaction
tracker Whale Alerts, large DOGE transfers in and out of exchanges
have seen an uptick since the beginning of the week. At the same
time, the price of DOGE has traded between a high end of $0.097 and
a low end of $0.089. Massive DOGE Transfer Into Robinhood The
uptick in massive DOGE transfers from whales has had investors
thinking of the crypto’s outlook in the next few days. When whales
make big transfers like this, it often signals they’re about to
make a major buy or sell order that can impact the price. Related
Reading: The Crypto Bulls Are Back: Digital Asset Inflows Cross
$103 Million In One Week In this case, data from on-chain data
shows that the 71.2 million DOGE tokens were transferred from the
private address “DF8jRK” to the Robinhood-linked address “DHQsfy.”
The token transfer seems to have been a major part of the address’
holdings. At the time of writing, the address “DF8jRK” holds 36.3
million DOGE tokens, worth approximately $3.3 million. 🚨 71,224,271
#DOGE (6,392,254 USD) transferred from unknown wallet to
#Robinhoodhttps://t.co/mSNJ8HSSot — Whale Alert (@whale_alert)
December 26, 2023 Consequently, the transfer to Robinhood, a major
crypto exchange, suggests the whale may be preparing to sell their
DOGE holdings, which could drive the price down. On the other hand,
Whale Alerts has reported other large transfers during the last few
days. For example, 367 million DOGE tokens worth $33.6 million were
transferred between two unknown wallets. Also, 999 million
DOGE tokens worth $91 million were sent from Binance to an unknown
wallet in the past 24 hours. However, the crypto exchange clarified
that the transfer was part of its standard wallet maintenance. DOGE
bears continue to vie for control | Source: DOGEUSD On
Tradingview.com Current State Of Dogecoin Dogecoin’s price movement
this year has generally lacked the volatility and enthusiasm it has
experienced from traders in past years. The crypto is currently
trading at $0.09255, down by 0.29% in the past 24 hours, and has
been stuck in a sideways movement. On the monthly timeframe, DOGE
is up by 16% in the past 30 days. Related Reading: Crypto
Trading Firm Expects Bitcoin To Crash To $36,000, Here’s Why DOGE
recently hit a yearly high of $0.10 this December. According to
crypto analyst Ali Martinez, network activity has increased this
month, with a steady rise in the creation of new DOGE
addresses. Dogecoin now has 5.29 million addresses with a
balance, reiterating its position as the largest meme coin and the
fifth-largest address count in the crypto market. However,
IntoTheBlock’s Active Addresses Ratio shows that the majority of
these addresses are inactive, with only a 2.73% average in the past
30 days. Source: IntoTheBlock Featured image from Watcher Guru,
chart from Tradingview.com
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