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Dogecoin Price Jumps 6%, Whale Sells 300 Million DOGE on Robinhood

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Fri, 1/12/2023 - 12:45
Dogecoin Price Jumps 6%, Whale Sells 300 Million DOGE on Robinhood
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According to data shared by popular crypto tracking service Whale Alert, around eight hours ago, an anonymous crypto holder transferred a mind-blowing amount of Dogecoin to popular trading venue Robinhood.

He sent 300,000,000 DOGE in total – this is an amount of meme crypto equal to $25,033,123. It was sent for a tiny fee of $0.18 (that is 2.256 DOGE). No traditional bank can offer such a bargain for a $25-million transfer and at the speed at which it was performed.

Dogecoin whales active in November 

The goal of this transaction remains unclear, since Robinhood allows not only selling and buying DOGE and other cryptocurrencies. It also has its own wallets where users can store their crypto for a long time on the platform. On Nov. 16, an impressive amount of DOGE was sent to Robinhood as well – that chunk of meme crypto contained 103,000,000 DOGE.

Overall, November was a month rich in large Dogecoin transfers. Throughout the whole month, Whale Alert spotted astounding transactions of DOGE made by anonymous whales and Robinhood and between unknown wallets. Once the tracker spotted a tremendous amount of DOGE transferred between them – 690,000,000 meme coins worth more than $50 million in fiat.

November has also seen quite a lot of dormant DOGE wallets awaken and start to move large amounts of Dogecoin. Aside from that, 121 new DOGE addresses, holding more than 1,000,000 DOGE each, emerged, according to a report from Santiment on-chain data provider.

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DOGE may double its price, analyst believes

Earlier this week, crypto analyst Ali Martinez posted a tweet to share a DOGE chart and opine that the most popular canine cryptocurrency may double its price, provided that it manages to break above the $0.087 crucial resistance.

Per Ali, at this level suddenly came together the 0.786 Fibonacci level and both the 100-week and 200-week EMAs, which makes it hard to break through. However, if Dogecoin manages to do that, its price may double, i.e., surge to the $0.14 level.

Since the start of the week, Dogecoin has managed to stage growth of 11.36%, hitting the $0.0848 price tag. It added almost 6% over the past 24 hours. However, today the price began to decline, losing 1.29% and now trading at $0.0838.

Last weekend and again this week, Dogecoin demonstrated an impressive surge in transactions on the Dogecoin network. It surged first to more than a million and then to over 1.5 million daily transfers, leaving both Bitcoin and Ethereum far behind.

However, this transaction spike is believed to be caused by small transactions, whose makers took advantage of very low DOGE fees and dust limits on the network.

Dogecoin cofounder Billy Markus commented on that spike last Saturday, sharing that the spike was due to people moving Doge Ordinals (Doginals) and "s-coins" – tokens made on the Dogecoin blockchain based on its new token standard DRC-20.

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