Massive Dogecoin Transfer Into Robinhood
A recent transfer of 71.2 million DOGE, valued at $6.3 million, was made from a private address to Robinhood. This transfer is part of a trend of large DOGE transfers in and out of exchanges that has been observed since the beginning of the week. The price of DOGE has fluctuated between $0.097 and $0.089 during this time.
Whale Transfers and Market Impact
When whales make significant transfers like this, it often indicates that they are preparing to make a major buy or sell order that can affect the price of the cryptocurrency. Investors are closely watching these massive DOGE transfers to gauge the future outlook for the crypto.
Details of the Transfer
The 71.2 million DOGE tokens were transferred from a private address called “DF8jRK” to a Robinhood-linked address called “DHQsfy.” This transfer appears to be a substantial portion of the holdings in the “DF8jRK” address, which currently holds 36.3 million DOGE tokens worth approximately $3.3 million.
Other Large Transfers
In addition to the recent transfer to Robinhood, there have been other notable DOGE transfers in the past few days. For example, 367 million DOGE tokens worth $33.6 million were transferred between two unknown wallets. Furthermore, Binance sent 999 million DOGE tokens worth $91 million to an unknown wallet, although Binance clarified that this transfer was part of its standard wallet maintenance.
Growth in Dogecoin Addresses
Dogecoin now has 5.29 million addresses with a balance, solidifying its position as the largest meme coin and the fifth-largest in terms of address count in the crypto market. However, it is important to note that a majority of these addresses are inactive, with an average of only 2.73% active addresses in the past 30 days according to IntoTheBlock’s Active Addresses Ratio.
Hot Take: Dogecoin Whales Make Moves
The recent massive transfers of DOGE by whales have sparked speculation about the future of Dogecoin. These large transactions indicate potential major buy or sell orders that can significantly impact the price of the cryptocurrency. Investors and traders are closely monitoring these whale moves for insights into the market’s direction. Additionally, Dogecoin’s growing number of addresses highlights its popularity as a meme coin, but it also raises questions about the level of active participation in the network.
By
By
By
By