On-chain data has revealed that a significant amount of Dogecoin tokens, totaling more than 112 million, have recently moved out of Robinhood and into an unknown wallet. This comes as the popular cryptocurrency struggles to keep up pace compared to other top cryptocurrencies in the market. According to Whale Alerts, the 112 million DOGE tokens, worth approximately $10.4 million at the time of the transfer, were sent from the Robinhood-linked address “DHQsfy” into a private address named “DEndnp.” Four hours later, the tokens were transferred again to another private wallet address called “DF8jRK.”
Upon closer examination of the on-chain transaction data, it was discovered that there were earlier large DOGE transactions between the Robinhood address and the private wallet “DEndnp.” On December 21, a total of 17.5 million DOGE tokens were transferred from Robinhood into “DEndnp.” This tranche of coins was valued at approximately $1.6 million at the time of the transaction. Similar to the recent transfer, four hours later, the tokens were sent from “DEndnp” to “DF8jRK.” At present, “DF8jRK” holds 111 million DOGE tokens, which suggests that these transactions were all made by the same entity.
Whale Activity and Sentiment
Crypto whales, or investors holding large amounts of cryptocurrency, often provide insights into market sentiment and their actions can have a significant impact on the market. In this case, the fact that $10 million worth of Dogecoin has left Robinhood could indicate that the whale is choosing to keep the tokens in self-custody, perhaps in anticipation of an expected price surge.
Current Dogecoin Performance
As of now, Dogecoin is trading at $0.09312, with a newly found support level at $0.092. Earlier in the month, DOGE experienced a bullish run that led to its price reaching a yearly high of $0.0151 on December 11. However, this growth has slowed down, and DOGE is currently down by 0.6% in a 7-day timeframe.
Over the past month, DOGE whales have significantly increased their holdings. According to IntoTheBlock’s Balance By Holdings metric, addresses holding between $100,000 to $1 million, $1 million to $10 million, and more than $10 million worth of DOGE have seen an increase in their balances by 23.28%, 16.41%, and 27% respectively. Collectively, these large addresses have accumulated an additional $1.32 billion since December 1.
Currently, Dogecoin is trading 87% below its all-time high of $0.74. As a meme token, DOGE’s value is closely tied to hype among traders, particularly retail investors. If the recent bullish momentum among DOGE whales extends to retail investors, there is a possibility of a strong bullish run for this cryptocurrency in the future. However, the first milestone would be for DOGE to establish a solid foundation above the $0.1 price level.
The recent large transfer of Dogecoin tokens out of Robinhood into an unknown wallet raises questions about the intentions and aspirations of the whale responsible for the transaction. While it is unclear why the tokens were moved out of the exchange, it could signify the whale’s desire to have more control over their holdings in preparation for a potential price surge. With the increasing presence and activity of DOGE whales, combined with the enthusiasm of retail investors, there is a chance for DOGE to experience a significant bullish run in the coming years. However, it remains important to conduct thorough research and make informed investment decisions when dealing with any cryptocurrency.
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