Dogecoin Price In Trouble Amid 108 Million DOGE Dump On Robinhood
2024年7月11日 - 9:30AM
NEWSBTC
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. 🚨 108,572,027 #DOGE (11,580,883 USD) transferred
from unknown wallet to #Robinhoodhttps://t.co/rKRBitf8Qy — Whale
Alert (@whale_alert) July 8, 2024 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.” 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: 83% Of All Bitcoin Holders Still In Profit Despite Drop
Below $60,000 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 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. Featured image created with
Dall.E, chart from Tradingview.com
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