Anonymous Whale Sells Large Amount of Dogecoin on Robinhood

Anonymous Whale Sells Large Amount of Dogecoin on Robinhood

Dogecoin (DOGE) has experienced significant price fluctuations recently, and the sale of a large quantity of DOGE by an anonymous whale on a cryptocurrency exchange has added to the uncertainty.

Whale Transaction and Market Reactions

Whale Alert, an on-chain analysis platform, detected a sizable DOGE transfer from the address beginning with DDuXG... to the Robinhood exchange. This transaction coincided with a period of price appreciation for DOGE, suggesting that the whale may have been capitalizing on the bullish momentum.

Notably, the same address had previously acquired 226 million DOGE from Robinhood when the price was approximately $0.13. With DOGE currently trading near $0.15, the whale has realized substantial profits. This transaction raised concerns among investors as large-scale sales can exert downward pressure on the price. However, DOGE has continued to trade positively despite the sale.

Current Status of Dogecoin's Price

As of this writing, DOGE is trading at $0.1561, representing a 3.65% gain over the past 24 hours. The memecoin's 24-hour trading range has been between $0.1495 and $0.1569. Dogecoin's market capitalization currently stands at $22.41 billion, demonstrating its resilience against potential selling pressure.

Derivative data from Coinglass, on the other hand, indicates a 7.06% increase in Dogecoin's open interest (OI), bringing it to $869.93 million. However, derivative volume has declined by 7.10%, falling to $1.44 billion.

These conflicting signals reflect the speculative trading activity that is contributing to the uncertainty surrounding Dogecoin's future price movements. The Relative Strength Index (RSI) is at 52, indicating that DOGE is neither overbought nor oversold, further adding to the mixed market sentiment.

The article was originally published on COINTURK NEWS.