DOGE Price Set For Rebound? Whale Moves $26 Million In Dogecoin Off Robinhood

Name	Symbol	Market	Market Cap ($)	Algorithm
Litecoin	LTCUSD	Crypto	5,866,604,511	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Litecoin

LTCUSD

Crypto

5,866,604,511

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-4.53	-5.43%	78.94	78.92	78.95

Price Change

Price Change %

Current Price

Bid Price

Offer

-4.53

-5.43%

78.94

78.92

78.95

High Price	Low Price	Open Price	Prev. Close	52 Week Range
84.50	77.21	83.33	83.47	57.64 - 114.98

High Price

Low Price

Open Price

Prev. Close

52 Week Range

84.50

77.21

83.33

83.47

57.64 - 114.98

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	22:56:35	0.656427	78.94	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

22:56:35

0.656427

78.94

USD

Price x Volume	Volume	Base Symbol	Related Pairs
18,863,441.43	235,835.64	LTC	LTCEUR	LTCGBP	LTCBTC

Price x Volume

Volume

Base Symbol

Related Pairs

18,863,441.43

235,835.64

DOGE Price Set For Rebound? Whale Moves $26 Million In Dogecoin Off Robinhood

14/04/2024 10:56am

NEWSBTC

The price of Dogecoin has been experiencing a significant amount of bearish pressure in the past few days. This recent decline coincides with a general market downturn, which has seen other large-cap assets like Bitcoin and Ethereum tumble with notable losses. However, the meme coin’s price might not be down for too long, especially after a major investor executed a massive transaction off a centralized exchange. The transfer, which an on-chain data tracker flagged, has sparked speculations in the DOGE community and could be bullish for the meme coin’s price. Whale Transfers 150 Million Dogecoin From Robinhood According to data from blockchain transaction tracker Whale Alert, a substantial amount of Dogecoin has made its way off the Robinhood exchange. In the past day, an outgoing transfer of 150 million DOGE tokens, equivalent to more than $26 million, from the crypto trading platform was spotted on the Dogecoin blockchain. Related Reading: Litecoin (LTC) Breaks Records: 5 Million Long-Term Holders Signal Major Market Shift Given the magnitude of this transaction, it appears that a whale was behind this movement of funds. Whales refer to influential entities or individuals that own or hold significant amounts of a particular cryptocurrency in their wallets (Dogecoin, in this case). Whales are often perceived as major players in the crypto market, as their buying and selling activities can have a substantial impact on a token’s price. As such, their actions can be worth keeping an eye on, especially as they can lead to speculations and potential market shifts. This particular transfer, where the Dogecoin whale moved their tokens from an exchange wallet to a self-custodial wallet, is known as an “exchange outflow.” Typically, investors move their assets off trading platforms when they intend to hold onto their coins in the long term, indicating their faith in the future promise of the crypto. Additionally, the movement of funds off exchanges can sometimes be a signal of fresh accumulation, as some investors prefer to withdraw their tokens immediately after purchase. All in all, considering the large-scale nature of the transfer, the latest movement of Dogecoin tokens off Robinhood might be a bullish proponent for the meme coin’s price. Meme Coins Facing Turmoil? As of this writing, the Dogecoin price stands at around $0.1496, reflecting a notable 12% decline in the last 24 hours. The largest meme coin is down by close to 20% on the weekly timeframe, according to CoinGecko data. However, Dogecoin is not the only meme token to have witnessed this massive downturn in price, as other coins also posted double-digit percentage losses. Notably, the second-largest meme coin, Shiba Inu, is also deep in the red, with an almost 14% price drop in the past day. Related Reading: Waiting For The Bitcoin Bull Run To Resume? Here’s The Indicator To Watch For Dogecoin price experiences steep correction on the daily timeframe | Source: DOGEUSDT chart from TradingView Featured image from iStock, chart from TradingView

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