131 Million Dogecoin Shuffled in One Hour by Robinhood: Details

Dogecoin: Whales Move 131 Million DOGE Within Short Timeframe

Transfer Details:

On-chain data reveals two significant transactions involving 131 million Dogecoin (DOGE). According to Whale Alert, a blockchain data tracker, the following transfers occurred:

• 80,452,117 DOGE (approx. $33 million) from Robinhood to an unknown wallet
• 51,954,195 DOGE (approx. $21 million) from Robinhood to Coinbase

Possible Interpretations:

Large-scale transfers like these often indicate activity by whales or institutional investors. The transfer to Coinbase suggests a potential sale or preparation for trading, while the transfer to an unknown wallet could signify private custody or a large purchase. However, the precise reasons for these transfers remain unclear.

Dogecoin Price Action:

At the time of writing, DOGE is down approximately 3% over the past 24 hours, trading at $0.398. This decline is part of a broader market correction that has resulted in liquidations worth $493 million across various cryptocurrencies.

Technical Analysis:

Despite the recent dip, Dogecoin has recently shown signs of bullish sentiment. The coin broke above its 50-day Simple Moving Average (SMA) at $0.37 on January 15th, and bulls have consistently defended the $0.35 support level.

If DOGE remains above $0.40, it could rally to $0.48, where resistance is anticipated. Breaking below $0.35, however, could indicate bearish selling and potential declines to $0.30.