1.2 Billion DOGE Shoveled to Binance and Robinhood - Sell-Off Coming?
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Cryptocurrency tracking platform Whale Alert and its bots have detected a massive transaction worth almost $90 million in fiat to the world’s largest cryptocurrency trading venue, Binance. Another half a billion DOGE was sent to another popular crypto exchange.
This transaction took place after DOGE staged a massive price increase within the last 24 hours.
1.2 billion DOGE on the move
The aforementioned data source has spotted jaw-dropping amounts of 699,999,999 DOGE and 500,000,000 DOGE transferred to major cryptocurrency trading platforms Binance and Robinhood. Together, they made up 1.2 billion Dogecoin.
The first transfer was evaluated at $53,065,006, and the second one was worth $53,065,006 in fiat. A smaller transfer carrying 66,000,000 Dogecoin was also noticed by Whale Alert over the period of the last 24 hours.
As the DOGE price has skyrocketed by more than 42%, hitting $0.1, this may be a sign of an approaching sell-off since large whales are beginning to move their DOGE holdings to exchanges to lock in profits.
Dogecoin may go parabolic in April
Earlier this week, popular cryptocurrency analyst and trader on Twitter Ali Martinez published a post to let the cryptocurrency community know that the original meme crypto Dogecoin is repeating a pattern last seen during the bull market in 2021 – the year when Elon Musk called himelf “The DogeFather” on Twitter and endorsed DOGE on Saturday Night Live.
Back then, the DOGE price was propelled to an all-time high of $0.7376 on May 8, following Bitcoin reaching a historic peak of $63,000 in April of the same year.
Martinez believes that Dogecoin may “enter a parabolic breakout” approximately in April if history repeats itself.
Yuri MolchanDOGE surge follows that of Bitcoin
Overall, the largest meme cryptocurrency in terms of market capitalization value, Dogecoin, printed a staggering price increase of more than 42% jumping from $0.0948 to a local peak of $0.1350. By now, DOGE has rolled back a little and is exchanging hands at $0.1290.
Dogecoin, Ethereum, XRP and many other altcoins have suddenly increased in price following the enormous Bitcoin price surge. The flagship cryptocurrency increased by almost 12% on Wednesday to top the $64,000 level on the stable consumption of Bitcoin by the spot BTC ETF providers.
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