Whale Moves $11M Worth DOGE to Robinhood Amid 24-Hour Trading Halt
Release: 2024/08/05 17:50 Reading: 475
Dogecoin Market Update
Amidst a broader market decline, Dogecoin (DOGE) experienced a significant drop of 22% in the past 24 hours. This sell-off follows a transfer of 177K DOGE tokens, valued at $11 million, to the Robinhood exchange.
According to Whale Alert, the transfer of 117,528,741 DOGE tokens took place on August 5th at 01:52:43 UTC. The transaction incurred a fee of 3.156 DOGE ($0.29).
Such substantial transfers to centralized exchanges often indicate impending sales, as holders may be seeking to liquidate their assets during a bearish market. However, it's important to note that this analysis is based on historical trends and may not always predict future outcomes accurately.
In addition to the market volatility, Robinhood initiated a 24-hour trading halt for stocks and cryptocurrencies. This halt occurred after significant pre-market fluctuations in U.S. stocks. It's important to emphasize that the DOGE transfer occurred prior to this trading suspension.
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