$10 Million Worth Of Dogecoin Exit Robinhood – What This Could Mean For Price
December 23 2023 - 1:00PM
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On-chain data has revealed more than 112 million Dogecoin tokens
recently made their way out of Robinhood into an unknown wallet.
DOGE transfers into crypto exchanges have seen an uptick in the
past few days, as the crypto continues to struggle to keep up pace
compared to other top cryptocurrencies. However, according to Whale
Alerts, 112 million DOGE which was valued at roughly $10.4 million
at the time of the transfer, was sent from Robinhood into a private
wallet. Related Reading: Social Frenzy: Stacks (STX) Hits 8-Month
High, But It Unveiled An Intriguing Twist Massive Dogecoin Transfer
Out Of Robinhood According to Whale Alerts, the 112 million DOGE
tokens were transferred from the Robinhood-linked address “DHQsfy”
into the private address “DEndnp.” The tokens were then transferred
to another private wallet address “DF8jRK” four hours later. A
further look through on-chain transaction data shows earlier large
DOGE transactions between the Robinhood address and private wallet
“DEndnp.” On Dec 21, 17.5 million DOGE tokens made their way from
Robinhood into “DEndnp.”. At the time of the transaction, this
tranche of coins was worth approximately $1.6 million. Again, the
tokens were then transferred to “DF8jRK” four hours later. At the
time of writing, “DF8jRK” holds 111 million DOGE tokens, and the
pattern of transfers points to the transactions being made by the
same entity. On the other hand, various social media posts from
Whale Alerts have shown large DOGE transfers from private addresses
into Robinhood over the week. On December 18, a single transaction
of over $7 million worth of DOGE was sent into Robinhood. DOGE
market cap currently at $13.189 billion. Chart: TradingView.com
Crypto whales, or investors holding very large amounts, are always
worth keeping an eye on. When whales make big moves, it often means
something. They also tend to show general sentiment among whales.
However, in this case, $10 million worth of Dogecoin exiting
Robinhood could signal that the whale is opting to keep the tokens
in self-custody in anticipation of a long-awaited DOGE price surge.
Future Outlook For Dogecoin Dogecoin is currently trading at
$0.09312, over a newly found support at the $0.092 level. DOGE went
on a run earlier in the month that saw its price reach a yearly
high of $0.0151 on December 11. This growth has since slowed down,
and DOGE is now down by %0.6 in a 7-day timeframe. Related
Reading: BONK Crashes 31% After A Solid Month – Is the Success
Story Ending? DOGE whales have increased their holdings by a
substantial amount in the past month. According to IntoTheBlock’s
Balance By Holdings metric, the balance of addresses holding
between $100,000 to $1 million, $1 million to $10 million, and more
than $10 million worth of DOGE has increased by 23.28%, 16.41%, and
27% in the past 30 days. Collectively, these large addresses have
increased their holdings by $1.32 billion since December 1.
Dogecoin is currently trading 87% below its all-time high of $0.74.
As a meme token, DOGE’s value is mostly tied to hype among traders,
particularly retail investors. If the current bullish momentum
among DOGE whales rolls over into retail investors, we could see
the cryptocurrency’s strong bullish run in 2024. The first step in
its journey to a new high is to find a strong footing over the $0.1
price level. Featured images from Shutterstock
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