Dogecoin has been in a price decline for the previous seven days as the whole crypto market continues to be dominated by a fear sentiment. Moreover, the meme cryptocurrency just lately encountered rejection on account of contemporary bearish stress. This occurred because the cryptocurrency tried to get better a few of the losses it had sustained final week.
In keeping with numerous social media posts by whale transaction tracker Whale Alerts, there have been a number of situations of enormous Dogecoin transfers out and in of exchanges throughout this value decline, with the latter being prevalent and contributing to the decline. Notable amongst these transfers is the switch of 108.5 million DOGE tokens into Robinhood
DOGE Value In Hassle
Transaction particulars from the blockchain present that the 109 million DOGE tokens have been transferred from a personal tackle “DF8jRK” to “DHQsfy,” an tackle linked to the American retail crypto platform Robinhood.
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On the time of switch, the tokens have been collectively value $11.58 million, making it one of many largest Dogecoin transactions in 30 days. Consequently, the switch to Robinhood, a serious crypto alternate, suggests the whale could also be getting ready to promote their DOGE holdings, which may drive the value down.
🚨 108,572,027 #DOGE (11,580,883 USD) transferred from unknown pockets to #Robinhoodhttps://t.co/rKRBitf8Qy
— Whale Alert (@whale_alert) July 8, 2024
Typically talking, whale transfers into cryptocurrency exchanges like this one contribute to a pessimistic sentiment amongst retail traders. It’s attention-grabbing to notice {that a} thorough examination of the information on the blockchain reveals that this isn’t the primary time that the unnamed whale tackle has moved large quantities of Dogecoin tokens to Robinhood in what seems to be selloffs. As reported by NewsBTC, the same transaction occurred in October 2023, when 71.2 million DOGE tokens have been dumped into Robinhood by tackle “DF8jRK.”
What’s Subsequent For Dogecoin?
This newest sell-off on Robinhood is simply the most recent setback for the favored meme cryptocurrency, which has been experiencing a difficult stretch.
Over the previous month alone, DOGE has shed round 25% of its worth, bottoming out below $0.10 for the primary time since February. Consequently, the meme cryptocurrency has misplaced a sizeable chunk of the positive aspects it had amassed in the course of the first half of the yr, when it peaked at $0.22.
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On the time of writing, DOGE is buying and selling at $0.108 and continues to be in an lively sell-off within the broader cryptocurrency market. In keeping with average cost data from IntoTheBlock, Dogecoin bulls would wish to slice via many resistance factors round $0.109, $0.113, $0.117, and $0.1209 earlier than regaining full bullish momentum from retail traders. This requirement for bullish momentum was also reaffirmed by Crypto Each day Commerce Indicators, which identified that the value of DOGE should stabilize above $0.1080 and $0.1150 to be thought-about bullish.
Featured picture created with Dall.E, chart from Tradingview.com
