Dogecoin Massive Dump: 100 Million DOGE Floods Robinhood, Investors Brace For Price Impact
07 Fevereiro 2024 - 6:55AM
NEWSBTC
In a surprising turn of events within the cryptocurrency realm,
Dogecoin (DOGE), the popular meme coin, experienced a frenzy in the
broader crypto market. The cause of this excitement was a recent
significant whale transaction that caught the attention of traders
and investors globally. Related Reading: Ronin Plunges Nearly 30%
After Binance Debut, Raising Concerns About Pre-Listing Hype DOGE
Whales: Surging Transfers, Market Speculations According to
blockchain metrics highlighted by the tracker Whale Alert, a
staggering 100 million DOGE, equivalent to $7.83 million, was
observed on the move. This notable transfer from an unknown wallet,
identified as …wwKF, to the renowned American financial services
provider Robinhood, sparked immense curiosity among crypto
enthusiasts worldwide. 🚨 100,000,000 #DOGE (7,836,678 USD)
transferred from unknown wallet to
#Robinhoodhttps://t.co/REEoqcGAoe — Whale Alert (@whale_alert)
February 7, 2024 Despite expectations of a price dip due to such a
substantial selloff by the whale, DOGE managed to trade in the
green as of press time. This unexpected movement fueled
speculations about a potential run for the meme coin in the near
future. Market participants eagerly observed the impact that the
colossal selloff might have on DOGE’s price. In addition to the
whale transaction, the token witnessed a surge in wallet adoption
in recent days. On-chain analytics firm Santiment reported that
approximately 414,000 non-zero wallets were added to the DOGE
network over the past two weeks, marking the fastest rate of growth
in the brief history of the memecoin. Source: Coinglass The growth
in wallet adoption primarily stemmed from retail investor cohorts,
as indicated by the dramatic increase in addresses holding between
0.001-1 coins. This surge in new users joining the DOGE community
can be attributed to the cryptocurrency’s cult status in the meme
coin space and its widespread popularity. Interestingly, while the
DOGE price experienced a marginal jump at the time of the whale
transaction, the subsequent market trends displayed a gradual
downward momentum. The weekly and monthly charts indicated a drop
of 1.5% and 3.1%, respectively. The contrasting movements in the
DOGE price and the whale’s massive selloff, coupled with the
decrease in open interest by 2.2%, raised questions about the
overall market sentiment. Dogecoin currently trading at $0.07845 on
the daily chart: TradingView.com Dogecoin’s Potential Shift:
Enthusiasts Await Action Crypto market enthusiasts worldwide are
closely monitoring DOGE, eagerly anticipating a potential shift in
price action. The influx of new users and the increased number of
non-zero wallets added to the network have added to the intrigue
surrounding the meme coin. While the recent whale transaction and
the surge in wallet adoption have generated excitement within the
DOGE community, it is essential to exercise caution when navigating
the highly volatile cryptocurrency market. Factors such as market
sentiment, global events, and regulatory developments can have a
significant impact on the future price movements of DOGE and other
cryptocurrencies. Source: Santiment Meanwhile, a recent analysis of
Coinglass data by NewsBTC reveals a consistent trend where negative
short bets on Dogecoin have consistently outnumbered bullish long
bets over the past week. Related Reading: Market Dip? Not For
Dogecoin Wallets As Over 400,000 New Users Drive Frenzy Upward This
divergence in sentiment within the options market adds complexity
to the DOGE landscape, signaling caution among traders and
suggesting uncertainty about the sustainability of recent positive
price movements. Featured image from Freepik, chart from
TradingView
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