Whale Moves Over 117 Million DOGE to Robinhood During Market Sell-Off

Dogecoin Plunges as $1 Billion is Liquidated in Crypto Market

Whale Alert has detected a significant transfer of 117,528,741 DOGE (approximately $11 million) from an unknown wallet to the Robinhood exchange for liquidation. This massive dump has further exacerbated the sell-off in the meme token.

The crypto market, which had been on a recovery path since early 2024, has taken a sharp downturn, sending major cryptocurrencies tumbling. The sell-off has particularly affected the meme coin sector, including Dogecoin (DOGE).

As major assets like Bitcoin (BTC) and Ethereum (ETH) have lost value, DOGE has also declined sharply. It is currently trading at $0.08748, down 18% over the past 24 hours. This dip has pushed DOGE below the critical support level of $0.10, sparking concerns among investors.

Compounding the downturn, CNF reports that $1 billion has been liquidated from the cryptocurrency market in the past 24 hours. This has forced Robinhood, the exchange handling the whale transaction, to suspend operations for 24 hours.

The widespread withdrawal from risky assets, including cryptocurrencies, is driven by factors such as interest rate hikes in Japan and the potential for rate cuts in the United States. These economic uncertainties have created volatility and prompted investors to sell.

Despite the current market turmoil, it is encouraging to note that Dogecoin Core 1.14.8 is scheduled for release. The update prioritizes repeatability and network security, demonstrating the project's commitment to long-term growth, even amid adverse market conditions.