THE Dogecoin price has undergone significant downward pressure in recent days. This recent decline coincides with a general market downturn, which has seen other large-cap assets like Bitcoin and Ethereum fall with notable losses.
However, the price of the meme coin might not drop for too long, especially after a major investor executes a massive trade on a centralized exchange. The transfer, reported by an on-chain data tracker, sparked speculation in the DOGE community and could be bullish for the meme coin's price.
Whale transfers 150 million Dogecoin from Robinhood
According to blockchain transaction tracker data Whale alert, a significant amount of Dogecoin left the Robinhood exchange. Over the past day, an outbound transfer of 150 million DOGE tokens, equivalent to over $26 million, from the crypto trading platform was spotted on the Dogecoin blockchain.
🚨 🚨150,000,000 #DOGE (26,036,962 USD) transferred from #Robin Hood to an unknown wallethttps://t.co/Z4P1JnNtsb
– Whale Alert (@whale_alert) April 12, 2024
Given the scale of this transaction, it appears that a whale is behind this movement of funds. Whales refer to influential entities or individuals who own or hold significant amounts of a particular cryptocurrency in their wallet (Dogecoin, in this case).
Whales are often seen as major players in the crypto market because their buying and selling activities can have a substantial impact on the price of a token. As such, their actions may be worth monitoring, especially since they can lead to speculation and possible market changes.
This particular transfer, where the Dogecoin whale moved its tokens from an exchange wallet to a self-custodial wallet, is known as “exchange exit.” Typically, investors withdraw their assets from trading platforms when they intend to hold their coins for the long term, thereby indicating their confidence in the future promises of crypto.
Additionally, movements of funds off exchanges can sometimes be a sign of further accumulation, as some investors prefer to withdraw their tokens immediately after purchase. Overall, given the large-scale nature of the transfer, the latest movement of Dogecoin tokens off Robinhood could be a bullish supporter of the meme coin's price.
Meme coins facing turmoil?
At the time of writing these lines, the Dogecoin Price stands at around $0.1496, reflecting a notable 12% decline over the past 24 hours. The largest meme coin is down nearly 20% in the weekly time frame, according to data from CoinGecko..
However, Dogecoin is not the only meme token to witness this massive price drop, as other coins also saw double-digit percentage losses. Notably, the second largest meme coin, Shiba Inuis also deep in the red, with a price drop of almost 14% over the past day.
Dogecoin price experiences steep correction on the daily timeframe | Source: DOGEUSDT chart from TradingView
Featured image from iStock, chart from TradingView
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