This Monday, meme coin enthusiasts were intrigued by a significant transfer of Dogecoin (DOGE). Earlier today, 166.2 million DOGE tokens, which are worth approximately $14 million, were transferred from the Robinhood trading platform to an unknown wallet.
The transaction was detected and reported by Whale Alert, a service that tracks large cryptocurrency transactions.
Recent Robinhood-related Dogecoin moves
Over the past month, Robinhood has been a focal point for several major Dogecoin transactions.
On Jan. 9, a transfer of 134.1 million DOGE (valued at around $10.85 million) was moved from Robinhood to an unknown wallet.
Conversely, on January 8, a significant amount, 78 million DOGE, worth about $6.29 million, moved from an unknown wallet into Robinhood.
On Jan. 4, a massive movement of 883,016,276 DOGE (approximately $72.93 million) between unknown wallets took place.
The DOGE price drop
Dogecoin has experienced a 6.2% decrease in value over the last 24 hours, a move that is in line with the broader cryptocurrency market's recent downturn.
Bitcoin (BTC), Ethereum (ETH), and other major cryptocurrencies have also faced significant selling pressure, reflecting a wider market trend. The flagship cryptocurrency has now slipped below the $40,000 level.
This downturn is evident in Dogecoin's current price of $0.08082, down from a 24-hour high of $0.08632.
This fluctuation is a part of the volatile nature of cryptocurrencies, where prices can change rapidly due to various factors, including market sentiment, regulatory news, and technological developments.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team