Data from the chain has revealed more than 112 million Dogecoin tokens recently made their way out of Robinhood into an unknown wallet. DOGE transfers in crypto exchanges have seen a surge in recent days as the crypto continues to struggle to keep pace with other top cryptocurrencies. However, according to Whale Alerts, 112 million DOGE, which was valued at approximately $10.4 million at the time of the transfer, was sent from Robinhood to a private wallet.
Huge Dogecoin transfer from Robinhood
According to Whale Alerts, the 112 million DOGE tokens were transferred from the Robinhood-associated address “DHQsfy” to 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 previous large DOGE transactions between Robinhood address and private wallet “DEndnp.” On December 21, 17.5 million DOGE tokens made their way from Robinhood to “DEndnp.”. At the time of the transaction, this tranche of coins was worth approximately $1.6 million. Again, the tokens were transferred to “DF8jRK” four hours later. At the moment of writing “DF8jRK” contains 111 million DOGE tokens, and the pattern of the transfers indicates that the transactions are executed by the same entity.
On the other hand, several social media posts from Whale Alerts throughout the week have shown large DOGE transfers from private addresses to Robinhood. On December 18 a single transaction of more than $7 million in DOGE was sent to Robinhood.
DOGE market cap currently at $13.189 billion. Chart: TradingView.com
Crypto whales, or investors holding very large amounts of money, are always worth keeping an eye on. When whales make big movements, it often means something. They also tend to show the general sentiment among whales. In this case, however, $10 million worth of Dogecoin leaving Robinhood could indicate that the whale is choosing to hold the tokens in-house pending a long-awaited DOGE price increase.
Future prospects for Dogecoin
Dogecoin is currently trading at $0.09312, above a newly found support at the $0.092 level. DOGE made a run earlier this month with the price reaching a yearly high of $0.0151 on December 11. This growth has since slowed and DOGE is now down %0.6 in a seven-day span.
DOGE whales have increased their holdings by a significant amount in the past month. According to IntoTheBlock’s Balance By Holdings metric, the balance of addresses with between $100,000 and $1 million, $1 million to $10 million, and more than $10 million in DOGE increased by 23.28%, 16.41%, and 27% in the past 30 days . Collectively, these major addresses have increased their assets 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 largely tied to a hype among traders, especially private investors. If the current bullish momentum among DOGE whales spills over to retail investors, we could see the cryptocurrencies strong bullish run in 2024. The first step towards a new high is find a solid foundation above the price level of $0.1.
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