Whale Suddenly Unloads 86 Million DOGE, Sending Dogecoin Price into Freefall

In a surprising turn of events, Whale Alert, a tracking service, has uncovered a significant transaction involving meme-inspired cryptocurrency Dogecoin (DOGE). An unidentified whale swiftly unloaded a staggering 86 million DOGE, valued at approximately $14.12 million, to prominent U.S.-based broker Robinhood. This unexpected move has sent ripples through the DOGE market, particularly impacting the price of the coin.

The sender, identified only by the address "DF8j," has a history of large-scale transfers, making this latest transaction somewhat consistent with previous actions. Despite the massive sell-off, there remains four million DOGE, worth around $645,242, in the whale's wallet.

🚨 86,000,000 #DOGE (14,123,854 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/H8XouHMPv6

— Whale Alert (@whale_alert) March 15, 2024

Dogecoin (DOGE) price outlook

Simultaneously, the value of Dogecoin has plummeted during today's trading session. Since the commencement of trading, DOGE has experienced a significant decline of 8.8%, with the drop exceeding 10% at one point. This downturn has led to substantial liquidations, with positions totaling over $2.26 million being forcibly closed, predominantly affecting long positions.

As of now, Dogecoin is priced at $0.161, with a total market capitalization of approximately $23 billion. Despite the downward spiral, trading volume remains notably high, standing 28% above yesterday's levels. With a trading turnover exceeding $5.15 billion, Dogecoin retains its position as the seventh-largest cryptocurrency by trading volume.

While retail investors have been actively buying DOGE and entering long futures positions, the actions of these unidentified whales have presented a stark contrast. It remains unclear whether this significant sell-off is indicative of a broader trend or simply the decision of a single major investor. Only time will reveal the true implications of this sudden and substantial movement in the Dogecoin market.