A transfer involving 71.2 million Dogecoin (DOGE), valued at $6.39 million, was made from an unknown wallet to the trading platform Robinhood, according to Whale Alert, a service that monitors large-scale cryptocurrency transfers. This comes as the price of the flagship meme coin is experiencing a significant downturn.
Recent DOGE transitions
The latest transfer to Robinhood is not an isolated event in the Dogecoin space. A review of recent activities indicates a pattern of large movements.
Just hours earlier, a transaction of 367 million DOGE ($33.63 million) occurred between unknown wallets.
Additionally, a massive transfer of nearly 1 billion DOGE ($91.20 million) from Binance to an unknown wallet was noted.
These transactions are complemented by other notable movements, including 112 million DOGE ($10.44 million) leaving Robinhood and over 64 million DOGE ($5.87 million) moving to Coinbase.
Dogecoin's price performance
Jake Wujastyk, a notable market analyst, recently shared his insights on Dogecoin's price chart, describing it as one of his "favorite-looking setups." However, the meme coin is failing to buck the broader bearish trend.
Currently, DOGE is priced at $0.090240 after experiencing a 4.3% decrease, with a trading range between $0.089256 and $0.094891 over the past 24 hours.
Dogecoin's market capitalization stands at $12.85 billion with a trading volume of $703.83 million.
Dan Burgin
U.Today Editorial Team
