Whale Moves $11M Worth DOGE to Robinhood Amid 24-Hour Trading Halt

• Dogecoin fell 22% previously 24 hours amid a broader market crash.
• A whale moved 177,000 DOGE tokens value $11 million to Robinhood.
• Robinhood applied a 24-hour buying and selling freeze on shares and crypto.

Dogecoin (DOGE), the world’s largest meme coin by market cap and the most effective performing digital property within the 2021 crypto market bull run, has been comparatively quiet through the present cycle and it seems that buyers are shedding confidence within the altcoin to lose. Based on Whale Alert, 117,528,741 DOGE tokens (value $11 million) have been transferred to crypto buying and selling platform Robinhood, a bearish occasion.

Based on Whale Alert’s publish on Such a big switch to a centralized alternate like Robinhood usually alerts an impending sale, because the holder could need to dump their holdings amid a bearish market.

However, Robinhood briefly halted buying and selling for twenty-four hours following crypto market volatility and pre-market swings in US shares. Nonetheless, the DOGE switch came about earlier than this shutdown and it’s anticipated that the whale would have had ample time to promote its property.

In a dialog on DOGE buying and selling quantity elevated by 155.26% and at the moment stands at $1.87 billion, confirming that merchants are dumping their tokens in anticipation of an additional decline.

LMAO panic promoting for whales

— WillZilla (@Crypto_Night92) August 5, 2024

Over the previous seven days, Dogecoin has crashed nearly 40%, beginning the week from a excessive of $0.1347 and at the moment buying and selling at $0.08273. Moreover, the highest meme coin is down 88.4% from its all-time excessive of $0.7376 noticed on Might 8, 2021. It is usually essential to notice that DOGE is up 12.83% from August final yr.

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Based on the chart beneath from TradingView, Dogecoin fashioned ten consecutive every day bearish candles, confirming a short-term downtrend as gross sales quantity continued to rise.

The Relative Energy Index (RSI) exhibits a price of 24.39, confirming that promoting stress is excessive and that Dogecoin is at the moment oversold. The gradient of the road signifies decrease costs, however there’s a good time to enter the market.

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