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Dogecoin Whale Unloads 120 Million Coins to Robinhood, DOGE Price at Risk?
In the context of Dogecoin’s recent price surge, a whale was recorded unloading large amounts of the dog-themed meme coin, causing a stir in the crypto community. An incredible 120 million DOGE tokens, according to network data emerging on the market, were dumped on the Robinhood exchange by an unknown whale today, May 18th.
This transfer has sparked speculation about the future price trajectory of DOGE, as crypto market participants see this dump as a not-so-optimistic event. Here is a detailed report on the current Dogecoin market statistics and the reasons behind crypto investors’ recent cautious stance towards this asset.
120 Million DOGE Whale Transfer Sparks Investor Concerns
According to insights offered by Whale Alert, an on-chain analytics platform, 120 million DOGE, worth $18.55 million, were dumped by unknown address DDuXG on cryptocurrency exchange Robinhood. Notably, this transfer comes amid a recent upward price movement witnessed by DOGE, signaling potential profit-taking behaviors via wallet address.
However, upon further investigation, it was discovered that the same address had accumulated $226 million. DOGE from Robinhood last month when DOGE traded near the $0.13 price level. This highlights the notable gains made by the crypto whale from the aforementioned transfer, as the price currently sits at the $0.15 level.
With nearly 50% of the accumulated DOGE still remaining at the address, crypto market participants have expressed hope for Dogecoin’s price action in the future. Simultaneously, despite the considerable selling pressure encountered by Dogecoin due to the aforementioned transfer, the meme coin traded in the green.
Read too: Ripple Highlights $865 Million XRP Volume Amid SEC Lawsuit: Report
DOGE price rises
At the time of writing, Dogecoin Price has seen a 3.65% increase in the last 24 hours and is currently trading at $0.1561. Its 24-hour lows and highs are $0.1495 and $0.1569, respectively.
The largest meme cryptocurrency by market cap, valued at $1.10 billion, has defied market expectations of a price drop with significant token dumps on exchanges. This, in turn, generated speculation about the potential for meme-based investment products to offer gains to investors.
Meanwhile, Coinglass data showed a 7.06% jump in HI from DOGE to US$869.93 million, followed by a 7.10% drop in derivatives volume to US$1.44 billion. Highlighting mixed sentiments among investors, potentially due to speculative trading, this data further enigmatizes the token’s future price movements.
Furthermore, the RSI (Relative Strength Index) fluctuated at 52, indicating that the asset is neither overbought nor oversold.
Read too: Spot Bitcoin ETFs net $1.3 billion in May, reversing $344 million outflows from April