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Dogecoin (DOGE), the world’s biggest meme coin, recently witnessed a sharp rise in its market. Blockchain data tracker Whale Alert revealed that 200 million DOGE coins were moved from Robinhood to an unknown wallet.
This move signaled a potential shift in investor sentiment as the DOGE price struggles amid broader market volatility.
Dogecoin whale activity intensifies
According to Whale Alerts, the 200,000,000 DOGE transferred from Robinhood were valued at about $43.4 million. The receiver address remained unidentified, leaving market watchers to ponder the intention behind the recent activity.
Some market analysts have linked the transaction to an OTC (over-the-counter) transfer that occurs outside of a crypto exchange. Others claim whales are likely reshuffling their funds.
It is important to note that the sender wallet linked to Robinhood is not new. This wallet, "DDuXG…Bruc1," recently transferred over 321 million DOGE to an unknown wallet.
In a separate transaction, this whale pulled out 180,000,000 DOGE from Robinhood. This transfer, worth a total of $49,997,419 at the time, happened in just one transaction.
Can DOGE experience bullish turnaround?
Meanwhile, the price of DOGE continues to trade sideways. In the past 24 hours, DOGE has decreased by 3.4% to $0.2184. The trading volume also plummeted 8.8% to $2.12 billion, indicating reduced investors’ interest.
However, the lack of price appreciation is usually typical of accumulation periods. Large movement of tokens from exchanges often suggests holders are planning to hold long-term rather than sell.
If this trend holds, DOGE prices could rally higher as long as demand remains steady or increases.
Moreover, Dogecoin's open interest recently increased by 5.98%, while trading volume surged 62.12% to $2.49 billion. This rally indicated that DOGE holders are anticipating an uptick in the coming days, with the current price poised to form a local bottom and rebound basis.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team