Dogecoin Price In Trouble Amid 108 Million DOGE Dump On Robinhood
Dogecoin has been in a price decline for the past seven days as the entire crypto market continues to be dominated by a fear sentiment. Furthermore, the meme cryptocurrency recently encountered rejection due to fresh bearish pressure. This occurred as the cryptocurrency attempted to recover some of the losses it had sustained last week. According to various social media posts by whale transaction tracker Whale Alerts, there have been multiple instances of large Dogecoin transfers in and out of exchanges during this price decline, with the latter being prevalent and contributing to the decline. Notable among these transfers is the transfer of 108.5 million DOGE tokens into Robinhood DOGE Price In Trouble Transaction details from the blockchain show that the 109 million DOGE tokens were transferred from a private address “DF8jRK” to “DHQsfy,” an address linked to the American retail crypto platform Robinhood. Related Reading: Bitcoin Crash: Here’s What The Data Says About Buying The Dip At the time of transfer, the tokens were collectively worth $11.58 million, making it one of the largest Dogecoin transactions in 30 days. Consequently, the transfer to Robinhood, a major crypto exchange, suggests the whale may be preparing to sell their DOGE holdings, which could drive the price down.
Dogecoin has been in a price decline for the past seven days as the entire crypto market continues to be dominated by a fear sentiment. Furthermore, the meme cryptocurrency recently encountered rejection due to fresh bearish pressure. This occurred as the cryptocurrency attempted to recover some of the losses it had sustained last week.
According to various social media posts by whale transaction tracker Whale Alerts, there have been multiple instances of large Dogecoin transfers in and out of exchanges during this price decline, with the latter being prevalent and contributing to the decline. Notable among these transfers is the transfer of 108.5 million DOGE tokens into Robinhood
DOGE Price In Trouble
Transaction details from the blockchain show that the 109 million DOGE tokens were transferred from a private address “DF8jRK” to “DHQsfy,” an address linked to the American retail crypto platform Robinhood.
At the time of transfer, the tokens were collectively worth $11.58 million, making it one of the largest Dogecoin transactions in 30 days. Consequently, the transfer to Robinhood, a major crypto exchange, suggests the whale may be preparing to sell their DOGE holdings, which could drive the price down.
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