Dogecoin (DOGE) continues to exhibit volatility amidst significant transactions involving large holders often nicknamed “whales.” Recently, over 150 million DOGE valued at roughly $26.4 million were transferred to the trading platform Robinhood on March 12, 2024. This substantial transaction was tracked and reported by Whale Alert and it sparked speculation within the Dogecoin community with some suggesting potential positioning for future market shifts by institutional investors.
Interestingly, this influx to Robinhood comes in contrast to a separate whale activity reported earlier this week. According to data from Whale Alert large investors withdrew nearly close to 129 million DOGE from Robinhood around March 4, 2024.
Also, on March 6, the market saw substantial movements of Dogecoin. A staggering 500 million DOGE equivalent to $79,167,699 USD was transferred from an unknown wallet to Binance. Simultaneously, the renowned trading platform Robinhood was involved in multiple transfers further adding to the market speculation. A total of 246,260,100 DOGE was moved from Robinhood to various unknown wallets. The breakdown of these transactions includes 83,331,487 DOGE ($13,059,025 USD), 65,156,457 DOGE ($10,254,347 USD) and 97,773,156 DOGE ($15,845,395 USD).
The transfer coincides with a period of price fluctuations for Dogecoin. Currently, DOGE is trading at $0.1697, reflecting a decrease of 6.6% in the last 24 hours. However, the cryptocurrency has displayed resilience in the broader timeframe boasting a 107.83% increase over the past month. The trading volume of Dogecoin has also surged, currently standing at $2.58 billion indicating heightened activity in response to the substantial movement of funds.
Market analysts are monitoring the Dogecoin price with attention as it consolidates around $0.175. While sentiment among Dogecoin enthusiasts remains cautiously optimistic, with hopes for a return to the $0.20 mark, the recent contrasting whale movements make future price movements difficult to predict. The combined effect of the large transfer to Robinhood and the prior withdrawal by whales has injected uncertainty into the market leaving investors to decipher the intentions behind these actions and their potential impact on Dogecoin’s price.
