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The meme coin sector of the cryptocurrency market has sparked serious concerns among holders of Dogecoin (DOGE). The concerns came as 752 million DOGE were transferred from unknown wallets in four different transactions to the Robinhood exchange.
Dogecoin whales move $195 million to Robinhood exchange
Whale Alert data reveals that Dogecoin whales transferred the meme coins in tranches of 188 million DOGE, each valued at $48.95 million. This brought the total to $195.8 million that has been moved to the exchange.
This deposit on Robinhood has sparked speculation of possible sales. Usually, movement of assets from private wallets to exchanges signals the holder's intent to sell. However, it could also be that these large holders are looking to swap DOGE for other assets.
Whales sometimes transfer their assets to exchanges for collateral or just portfolio reshuffling. Regardless of the intent, the Dogecoin community’s perception will determine the impact that the current transaction will have on the price outlook of the meme coin.
Before this development, DOGE had gained 8.7% in price over the past seven days as investors anticipated a climb to $0.30.
As of press time, Dogecoin was changing hands at $0.2602, which represents a 1.44% decrease in the last 24 hours.
The meme coin previously hit a peak of $0.2697 as it looked ready to flip to $0.27. However, there has been a pullback by investors, with trading volume down by 34.46% at $4.1 billion within the same time frame.
Can DOGE reclaim $0.30 level?
Meanwhile, the Dogecoin community is keeping an eye on the meme coin’s technical indicators.
Notably, a death cross is looming for DOGE, as per the 9-day and 26-day simple moving average setup. It is unclear what ecosystem bulls will do now that there are concerns about selling pressure.
If Dogecoin bulls step in, it might help stabilize the price and possibly drive DOGE to reclaim the $0.30 level it hit briefly on the weekend. The rebound to $0.30 had been considered a huge breakthrough for the meme coin.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team