Dogecoin Worth In Hassle Amid 108 Million DOGE Dump On Robinhood

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Dogecoin Worth In Hassle Amid 108 Million DOGE Dump On Robinhood


Dogecoin has been in a value decline for the previous seven days as the whole crypto market continues to be dominated by a concern sentiment. Moreover, the meme cryptocurrency just lately encountered rejection on account of contemporary bearish strain. This occurred because the cryptocurrency tried to get better among the losses it had sustained final week. 

In keeping with numerous social media posts by whale transaction tracker Whale Alerts, there have been a number of cases of huge Dogecoin transfers out and in of exchanges throughout this value decline, with the latter being prevalent and contributing to the decline. Notable amongst these transfers is the switch of 108.5 million DOGE tokens into Robinhood

DOGE Worth In Hassle

Transaction particulars from the blockchain present that the 109 million DOGE tokens had been transferred from a personal handle “DF8jRK” to “DHQsfy,” an handle linked to the American retail crypto platform Robinhood.

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On the time of switch, the tokens had been collectively price $11.58 million, making it one of many largest Dogecoin transactions in 30 days. Consequently, the switch to Robinhood, a significant crypto change, suggests the whale could also be getting ready to promote their DOGE holdings, which might drive the worth down. 

Typically talking, whale transfers into cryptocurrency exchanges like this one contribute to a pessimistic sentiment amongst retail traders. It’s fascinating to notice {that a} thorough examination of the info on the blockchain reveals that this isn’t the primary time that the unnamed whale handle has moved large quantities of Dogecoin tokens to Robinhood in what seems to be selloffs. As reported by NewsBTC, an analogous transaction occurred in October 2023, when 71.2 million DOGE tokens had been dumped into Robinhood by handle “DF8jRK.”

What’s Subsequent For Dogecoin?

This newest sell-off on Robinhood is simply the newest setback for the favored meme cryptocurrency, which has been experiencing a difficult stretch.

Over the previous month alone, DOGE has shed round 25% of its worth, bottoming out under $0.10 for the primary time since February. Consequently, the meme cryptocurrency has misplaced a sizeable chunk of the beneficial properties it had gathered through the first half of the 12 months, when it peaked at $0.22.

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On the time of writing, DOGE is buying and selling at $0.108 and remains to be in an lively sell-off within the broader cryptocurrency market. In keeping with common price knowledge from IntoTheBlock, Dogecoin bulls would want to slice via many resistance factors round $0.109, $0.113, $0.117, and $0.1209 earlier than regaining full bullish momentum from retail traders. This requirement for bullish momentum was additionally reaffirmed by Crypto Day by day Commerce Alerts, which identified that the worth of DOGE should stabilize above $0.1080 and $0.1150 to be thought of bullish.

DOGE value struggles | Supply: DOGEUSDT on Tradingview.com

Featured picture created with Dall.E, chart from Tradingview.com





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