Dogecoin Sell-Off Alert: Whale Deposits 132 Million DOGE Into Robinhood As Price Crashes
A big Dogecoin switch to Robinhood has sparked considerations a couple of potential sell-off. This comes because the DOGE value crashes alongside the broader crypto market with rising trade tensions between the U.S. and China.
132 Million Dogecoin Moved To Robinhood Amid Price Crash
Whale Alert data reveals {that a} whale moved 132 million Dogecoin ($27 million) to Robinhood from an unknown pockets. Such a transfer sometimes signifies an intention to dump these cash, which may put important promoting stress on the DOGE price. This additionally comes amid the value crash, which additional highlights the present bearish sentiment within the meme coin’s ecosystem.
Dogecoin has dropped under the psychological $0.2 stage amid the rising tensions between the U.S. and China following President Trump’s announcement of a 100% tariff on China, beginning subsequent month. Notably, DOGE had dropped to as little as $0.11 final week, throughout a flash crypto market crash after Trump’s announcement.
Meanwhile, though the Robinhood switch signifies an intention to promote, a better take a look at the on-chain information means that the unknown pockets may additionally belong to Robinhood and that the trade was transferring a few of these DOGE tokens between its cold and warm wallets. Regardless, different metrics spotlight the bearish sentiment within the Dogecoin ecosystem for the time being.
Santiment data reveals that the variety of Dogecoin whale transactions has decreased over the previous few weeks, suggesting these buyers are ready on the sidelines as a substitute of shopping for the dip. This raises considerations that the DOGE value could not but be over, as whale accumulation sometimes precedes a value rebound. Meanwhile, DOGE’s transaction quantity has additionally dropped from a current high of $4 billion on October 10 to as little as $214 million on October 16.
New All-Time Highs (ATHs) Still On The Cards
Crypto analyst Javon Marks has indicated that new all-time highs (ATHs) are nonetheless on the playing cards for the Dogecoin value regardless of its current crash. In an X post, he acknowledged that DOGE is preparing for its subsequent cyclical surge to a brand new ATH and past, because it did in the course of the 2017 cycle. In line with this, he declared {that a} minimal improve of 251% is in sight.
His accompanying chart confirmed that the Dogecoin price may rally to as high as $4, though that’s anticipated to occur subsequent 12 months. However, within the meantime, crypto analyst Ali Martinez has indicated that DOGE wants to remain above $0.19 to keep away from a bigger pullback. He added {that a} maintain above this stage may ship the meme coin to $0.33.
At the time of writing, the Dogecoin value is buying and selling at round $0.1882, down over 4% within the final 24 hours, in keeping with data from CoinMarketCap.
