250 million Dogecoin moved to Robinhood, Sell-off incoming?

Dogecoin (DOGE), turned out to be one of the biggest gainers of Thursday as the global crypto market gets back on the positive rally. The biggest meme token seems to be getting ready for a bullish move that could take it to the moon. However, On-chain data shows that whales might have some different plans.

As per the data shared by WhaleAlert, crypto whales had moved more than 333 million Dogecoin (approx worth $65 million) over the exchanges. However, the largest transaction recorded by the tracker has been moving 250 million DOGE (approx worth $49.5 million) from a wallet to the crypto exchange, Robinhood.

The whale’s massive move comes in when DOGE price has jumped by more than 11% in the last 24 hours. It suggests that this whale might be looking to book profit amid this rally. However, it also implies that a Dogecoin price might be coming in as the whale would dump and sell-off its holdings in multiple phases.

The on-chain tracker also detected that an unknown whale added over 83 million Dogecoin (approx worth $15.5 million) in the last 24 hours. However, this accumulation was made from Robinhood. This can be one of the factors behind the DOGE’s recent price surge.

Dogecoin now seems to be leading the meme category coins to new heights. The biggest meme coin’s price is up by 110% in the last 30 days, while, it jumped by another 33% over the last week. Riding on the same momentum, Shiba Inu (SHIB) and PEPE price had surged by 183% and 268%, respectively, in the past 30 days.

DOGE is trading at an average price of $0.2029, at the press time. Its 24 hour trading volume is up by 53% to stand at $5 billion. It now has become the 8th biggest crypto asset by market cap as it overtook Cardano (ADA) recently. Dogecoin’s market cap is close to grabbing a $30 billion market cap while ADA’s market cap stands at around $23 billion.

The cumulative meme crypto’s market cap is up by over 5% in the last 24 hours to stand at $64.5 billion. Its 24 hour trading volume stood at $10.8 billion.

It would be important to that how other meme tokens would react to this the most trending token recently, PEPE price dropped by 6% in the last 7 days.