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

How To Get Free Crypto  

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


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. 


Generally
speaking,
whale
transfers
into
cryptocurrency
exchanges
like
this
one
contribute
to
a
pessimistic
sentiment
among
retail
investors.
It
is
interesting
to
note
that
a
thorough
examination
of
the
data
on
the
blockchain
reveals
that
this
is
not
the
first
time
that
the
unnamed
whale
address
has
moved
massive
amounts
of
Dogecoin
tokens
to
Robinhood
in
what
appears
to
be
selloffs.
As


reported
by
NewsBTC
,
a
similar
transaction
occurred
in
October
2023,
when
71.2
million
DOGE
tokens
were
dumped
into
Robinhood
by
address
“DF8jRK.”

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What’s
Next
For
Dogecoin?


This
latest
sell-off
on
Robinhood
is
just
the
latest
setback
for
the
popular
meme
cryptocurrency,
which
has
been
experiencing
a
challenging
stretch.


Over
the
past
month
alone,
DOGE
has
shed
around
25%
of
its
value,


bottoming
out
below


$0.10
for
the
first
time
since
February.
Consequently,
the
meme
cryptocurrency
has
lost
a
sizeable
chunk
of
the
gains
it
had
accumulated
during
the
first
half
of
the
year,
when
it
peaked
at
$0.22.


Related
Reading


At
the
time
of
writing,
DOGE
is
trading
at
$0.108
and
is
still
in
an
active
sell-off
in
the
broader
cryptocurrency
market.
According
to


average
cost
data


from
IntoTheBlock,
Dogecoin
bulls
would
need
to
slice
through
many
resistance
points
around
$0.109,
$0.113,
$0.117,
and
$0.1209
before
regaining
full
bullish
momentum
from
retail
investors.
This
requirement
for
bullish
momentum

FreeBitcoin Banner  


was
also
reaffirmed


by
Crypto
Daily
Trade
Signals,
which
pointed
out
that
the
price
of
DOGE
must
stabilize
above
$0.1080
and
$0.1150
to
be
considered
bullish.

DOGE
price
struggles
|
Source:

DOGEUSDT
on
Tradingview.com

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson


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