Massive Dogecoin Transfer Out Of Robinhood
Over 112 million Dogecoin (DOGE) tokens were recently transferred from Robinhood into an unknown wallet. The tokens, valued at approximately $10.4 million, were sent from the Robinhood-linked address “DHQsfy” to a private address called “DEndnp.” Four hours later, they were transferred to another private wallet address called “DF8jRK.”
Further analysis of on-chain transaction data reveals that there have been previous large DOGE transactions between the Robinhood address and the private wallet “DEndnp.” On December 21, 17.5 million DOGE tokens worth around $1.6 million were transferred from Robinhood to “DEndnp,” and then four hours later, they were sent to “DF8jRK.” The current balance of “DF8jRK” is 111 million DOGE tokens, indicating that these transactions are likely being made by the same entity.
On the other hand, there have also been large DOGE transfers from private addresses into Robinhood over the past week.
Future Outlook For Dogecoin
Dogecoin is currently trading at $0.09312 with support at the $0.092 level. Although it reached a yearly high of $0.0151 on December 11, its growth has slowed down since then, and it has seen a 0.6% decrease in price over the past seven days.
The holdings of DOGE whales have significantly increased in the last month. Addresses holding between $100,000 to $1 million, $1 million to $10 million, and more than $10 million worth of DOGE have seen their balances increase by 23.28%, 16.41%, and 27% respectively in the past 30 days. Collectively, these large addresses have increased their holdings by $1.32 billion since December 1.
As a meme token, DOGE’s value is largely influenced by hype among traders, particularly retail investors. If the current bullish momentum among DOGE whales extends to retail investors, it could lead to a strong bullish run for the cryptocurrency in the future. However, the first step towards a new high is for DOGE to establish a strong position above the $0.1 price level.
Hot Take: Will Dogecoin Experience Another Bullish Run?
The recent transfer of $10 million worth of Dogecoin out of Robinhood into a private wallet suggests that the whale behind this move may be anticipating a potential price surge for DOGE. Dogecoin’s current trading price is significantly lower than its all-time high, but if retail investors join in on the bullish momentum created by DOGE whales, we could see a strong upward trend for the cryptocurrency. The key challenge will be for DOGE to surpass the $0.1 price level and establish a solid foundation for further growth.
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