The Dogecoin price has been put in a perilous position once more after a DOGE whale made a massive transaction to an exchange. The transaction which was flagged by a DOGE community member has raised eyebrows in the space and could possibly be putting sell pressure on the altcoin.
Dogecoin Whale Transfers Full Balance To Robinhood
On Tuesday, a single transaction carrying over $7 million worth of DOGE was noticed by a Dogecoin community member who the transaction on X (formerly Twitter). This transaction caught the attention of the community because it was carrying a little over 85 million DOGE.
At the time of the transaction, this tranche of coins was worth approximately $7.57 million, making it a large whale transaction. The destination of the transaction was even more concerning given that the coins were being sent to the Robinhood platform.Furthermore, the X user noted an interesting thing about the sender’s address after the transaction. The whale no longer holds any Dogecoin on their account balance, which means they have sent all their coins to the exchange. This could signal that the whale is looking to completely exit their position as Dogecoin fails to launch.
DOGE price at $0.09 | Source:
What Happens To DOGE Price?
The DOGE price could be seeing some negative headwinds ahead especially if this whale is really selling their coins. With sell pressure already pushing down the price, selling such a large amount of Dogecoin would no doubt trigger a further decline.
This sell pressure is already evident in the meme coin’s price which has fallen drastically over the past week. In the last day alone, DOGE’s price is down 3.28%, deviating from the Bitcoin trend that has seen the pioneer cryptocurrency recover from yesterday’s lows.
However, there could be a change in this sell pressure soon as bids for the meme coin start to ramp up. According to from IntoTheBlock, bids are starting to overtake asks again, meaning that buyers are coming back to the market. If this continues, then Dogecoin could look to reclaim $0.1 once again.