Dogecoin Whale Offloads 120M Coins To Robinhood, DOGE Price At Risk?

Dogecoin's Massive Whale Dump Raises Concerns

Amidst Dogecoin's recent price surge, a significant whale has offloaded a staggering 120M DOGE tokens, stirring the crypto community. This transfer, recorded on May 18, has sparked speculation about DOGE's future price trajectory.

120M DOGE Whale Transfer

According to on-chain data from Whale Alert, an unknown whale (address: DDuXG) dumped 120 million DOGE onto the Robinhood exchange, equivalent to $18.55 million. This transfer coincided with DOGE's recent price rise, suggesting potential profit-taking by the whale.

Previous Accumulations

Further investigation revealed that the same address had accumulated 226 million DOGE from Robinhood last month when DOGE was trading near $0.13. This highlights the significant gains made by the whale through this transfer, given DOGE's current price of $0.15.

Market Impact

Despite the whale's substantial selling pressure, DOGE remained in the green, indicating continued support among investors. While the transfer raised concerns, nearly 50% of the whale's accumulated DOGE remains in its address, offering hope for Dogecoin's future price action.

Investor Cautions

Crypto investors have adopted a cautious stance towards DOGE following the whale dump, as it raises questions about the coin's long-term viability. The market continues to monitor DOGE's price trajectory and the actions of other whales who may follow suit.