Dogecoin Price In Trouble Amid 108 Million DOGE Dump On Robinhood
Release: 2024/07/11 08:34 Reading: 935
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=628987
Dogecoin Struggles Amidst Market Volatility
Over the past week, the cryptocurrency market has been dominated by fear, leading to a price decline for Dogecoin. The meme cryptocurrency recently faced rejection due to renewed bearish pressure while attempting to recover previous losses.
Whale Transfers and Sell-off Concerns
Whale Alert, a social media tracker, has reported multiple large Dogecoin transfers into and out of exchanges during this price decline. Notably, the transfer of 108.5 million DOGE tokens into Robinhood has raised concerns.
Transaction data shows that the tokens were sent from a private address to Robinhood, a major crypto exchange. At the time of transfer, they were worth approximately $11.58 million, making it one of the largest Dogecoin transactions in recent memory. This movement suggests that the whale may be preparing to sell their holdings, potentially driving down the price.
Historical Sell-offs and Pessimistic Sentiment
Similar transactions in the past have also involved the transfer of large amounts of Dogecoin to Robinhood, indicating a pattern of selloffs. This has created a pessimistic sentiment among retail investors, who often interpret such moves as a sign of impending price declines.
Challenging Period for Dogecoin
This latest sell-off adds to the challenges faced by Dogecoin in recent months. Over the past month, the cryptocurrency has lost approximately 25% of its value, falling below $0.10 for the first time since February. This has wiped out a significant portion of the gains accumulated earlier this year.
Technical Resistance and Next Steps
Currently, Dogecoin is trading at $0.108 and remains in a sell-off. According to IntoTheBlock, bulls need to overcome resistance levels at $0.109, $0.113, $0.117, and $0.1209 to regain bullish momentum. Crypto Daily Trade Signals has also emphasized the need for DOGE to stabilize above $0.1080 and $0.1150 to signal bullishness.
Recent news
More>- Homosexual Pepe Solana Memecoin to Rally 18,000% Before Exchange Listing, While SHIB, BONK and DOGE Crash 01-01
- BTFD Presale Captivates Investors in the Best New Meme Coin Presales for Significant Returns as PEPE and SPX6900 Dominate the Scene Fuel the... 01-01
- Homosexual Pepe (HOMOPEPE) Solana Memecoin to Rally 18,000% Before Exchange Listing, While SHIB, BONK and DOGE Crash 01-01
- The Metrics Pointing to Massive Potential for WIF, JASMY, and PEPE in 2025 01-01
- BTFD Coin’s Presale is Unmissable Amid Pepe and Moo Deng’s Crypto Hype: Best Meme Coin Presales to Join This Week 01-01
- Homosexual Pepe (HOMOPEPE) Solana Memecoin to Rally 18,000% Ahead of Exchange Listing, While SHIB, BONK and DOGE Crash 01-01
- Crypto Gems for the Next Quarter: Top 5 Tokens to Watch 01-01
- Why $PEPE Jumped 20% Today And Which Coin Could Be Next 01-01
- Best New Meme Coins to Join for Short Term: BTFD Raises $4.7M in Presale as BONK Boasts Low-Cost Transactions and PEPE Enjoys Steady Followi... 01-01
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Missed Pepe Unchained? Don’t Worry, This New Pepe-Themed Meme Coin Will Produce Bigger Gains in 2025
- 8 Top 4 Altcoins At 70% Discounts – Last Chance!
- 9 Smart $Pepe trader makes $11.7M profit during Market Drop
- 10 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com