Dogecoin Price In Trouble Amid 108 Million DOGE Dump On Robinhood

by

As a seasoned crypto investor with experience in following Dogecoin’s price movements, I am concerned about the recent trend of large whale transfers into Robinhood, which has been contributing to the downward pressure on DOGE prices. The latest transfer of 108.5 million DOGE tokens, worth over $11 million at the time, is particularly alarming as it suggests that the whale may be preparing to sell their holdings, potentially driving the price even lower.

Over the last week, Dogecoin has seen its price drop, with the broader crypto market being influenced by widespread fear. Notably, this downturn came after Dogecoin faced rejection due to renewed bearish forces trying to push it back further. The cryptocurrency had been attempting to regain some of the losses it suffered during the previous week.

As a crypto investor keeping an eye on market movements, I’ve noticed some intriguing patterns based on the information shared by Whale Alerts on social media. There have been several significant Dogecoin transactions happening, both into and out of exchanges, during this recent price downturn. Among these transfers, the ones where DOGE tokens were taken out of exchanges seem to be more frequent and have contributed to the decline in price. One particularly noteworthy transaction involved the transfer of 108.5 million Dogecoin tokens into Robinhood’s wallet.

DOGE Price In Trouble

The blockchain records indicate that the ownership of 109 million Dogecoin tokens shifted from the private address “DF8jRK” to “DHQsfy,” which is associated with the popular US cryptocurrency trading platform, Robinhood.

During the transaction, the value of the transferred Dogecoin tokens amounted to approximately $11.58 million. This substantial exchange is among the top 30-day Dogecoin transactions, indicating that the large investor, or “whale,” might be planning to sell their DOGE holdings. Such a sale could potentially influence the market price and cause it to decrease.

108,572,027 #DOGE (11,580,883 USD) transferred from unknown wallet to #Robinhood
— Whale Alert (@whale_alert) July 8, 2024

From a researcher’s perspective, I’ve observed that large-scale transfers of cryptocurrencies like Dogecoin from unidentified whale addresses to exchanges such as this one often fuel pessimistic sentiments among retail investors. Interestingly, an in-depth analysis of the blockchain data reveals that this isn’t the first time such a transaction has taken place. According to NewsBTC reports, a comparable transfer occurred back in October 2023, when approximately 71.2 million DOGE tokens were sold off on Robinhood by address “DF8jRK.”

What’s Next For Dogecoin?

The recent drop in price for this meme cryptocurrency on Robinhood marks another hurdle in its difficult journey.

As a researcher studying the cryptocurrency market over the past month, I’ve observed that DOGE has experienced a significant decline in value. Specifically, around 25% of its worth has been lost, pushing the meme currency below $0.10 for the first time since February. This setback represents a substantial loss of the gains DOGE had amassed during the first half of the year when it reached a peak of $0.22.

As a cryptocurrency market analyst, I’m observing that at present, Dogecoin (DOGE) is being traded at $0.108. The selling pressure in the broader crypto market continues to impact DOGE negatively. Based on IntoTheBlock’s average cost data, for Dogecoin to regain its full bullish momentum amongst retail investors, it needs to surmount several resistance points. These resistance levels are located at $0.109, $0.113, $0.117, and $0.1209. This requirement for bullish momentum was further emphasized by Crypto Daily Trade Signals, who highlighted that the price of DOGE must remain above $0.1080 and $0.1150 to be considered bullish.

Dogecoin Price In Trouble Amid 108 Million DOGE Dump On Robinhood

Read More

2024-07-11 03:40