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A significant stash of Dogecoin has landed on the online trading app Robinhood. According to blockchain tracker Whale Alert, 155,000,000 DOGE (worth nearly $24.6 million) were transferred from an unknown wallet to Robinhood within the last 13 hours.
Whale Alert reported the large transaction: "155,000,000 DOGE worth $24,611,763 transferred from unknown wallet to Robinhood."
The move coincides with a recent surge in DOGE’s price, as the broader crypto market saw a relief rally following the brutal sell-off over the weekend.
Crypto prices traded in green during early Asian trading hours Tuesday, following a significant recovery witnessed across key altcoins on Monday and erasing most of the weekend's losses.
Dogecoin (DOGE) surged as much as 10%, reaching a high of $0.1677 in early Tuesday trading. According to CoinMarketCap, Dogecoin was up 7% in the last 24 hours, trading at $0.163 at press time.
While the reason for the move to Robinhood remains unknown, deposits to exchanges often imply an intent to sell. The move might also be mere reshuffling of funds.
DOGE price
Dogecoin has steadily declined since reaching a high of $0.206 on June 11. As a result, Dogecoin marked just two days in green out of 12 owing to the drop. The Dogecoin price reversed on Monday after hitting support at Sunday's low of $0.142, and the price swiftly rebounded.
The relief rally is likely to face selling at $0.17. If the price retreats below this level, the bears will attempt to bring Dogecoin down below $0.14. If they succeed, DOGE may drop to $0.10.
In contrast, if buyers move the price over $0.17, Dogecoin might reach the 50-day SMA at $0.19. Sellers will seek to defend the 50-day SMA and keep the Dogecoin price around the $0.14 to $0.21 range for a while.
Vladislav Sopov
U.Today Editorial Team