$326 million DOGE move from Robinhood, Are whales buying?
Release: 2024/06/11 21:19 Reading: 806
Dogecoin Whales Shift Millions in Transaction Amidst Market Downturn
On June 11, 2024, the cryptocurrency market witnessed a significant downturn, impacting leading assets such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Amidst this price decline, a massive DOGE transaction has drawn attention.
Whales Transfer $47 Million in DOGE
According to Whale Alert, a blockchain transaction tracker, approximately 326 million DOGE tokens, valued at $47.22 million, were transferred from a Robinhood wallet to an unknown wallet within the past 24 hours. This substantial transfer highlights the ongoing interest of whales and investors in meme coins during the market downturn, potentially signaling they are capitalizing on the price drop.
DOGE Price Impact
Despite the massive DOGE transfer, its impact on the token's price has yet to be apparent. Currently, DOGE trades around $0.1405, experiencing a 3% price decline over the last 24 hours. Over the past week, DOGE has seen an 11.5% drop, while remaining stable in the last 30 days. Notably, trading volume has increased by 40% in the past 24 hours, suggesting confidence among investors and traders.
Technical Analysis and Key Levels
Technical analysis indicates that DOGE is currently bearish and heading toward the 200 EMA (Exponential Moving Average) near $0.132. This level represents strong support, but if DOGE breaks below $0.14 daily, it may decline to $0.128, its next support level.
Other Meme Coins Affected
DOGE is not the only meme coin affected by the price decline. Shiba Inu (SHIB), Floki (FLOKI), and Dogewithhat (WIF) have also experienced significant price drops, ranging from 3% to 8%, respectively.
Overall Market Sentiment
Meanwhile, leading cryptocurrencies BTC, ETH, and SOL have also faced price drops of 3.5%, 4%, and 3%, respectively. As of writing, the overall cryptocurrency market has declined by 3.6%, but 24-hour trading volume has increased by 60%, indicating increased participation amid the bearish sentiment.
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