{"id":628987,"date":"2024-07-11T00:30:41","date_gmt":"2024-07-11T00:30:41","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=628987"},"modified":"2024-07-10T14:11:26","modified_gmt":"2024-07-10T14:11:26","slug":"dogecoin-108-million-robinhood","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/dogecoin\/dogecoin-108-million-robinhood\/","title":{"rendered":"Dogecoin Price In Trouble Amid 108 Million DOGE Dump On Robinhood"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Dogecoin has <\/span><a href=\"https:\/\/www.ktsl888.com\/analysis\/doge\/dogecoin-price-recovery-stall-0-1150\/\"><span style=\"font-weight: 400\">been in a price decline<\/span><\/a><span style=\"font-weight: 400\"> for the past seven days as the entire crypto market continues to be <\/span><a href=\"https:\/\/www.ktsl888.com\/bitcoin-news\/bitcoin-traders-sink-fear-price-crashes-58000\/\"><span style=\"font-weight: 400\">dominated by a fear sentiment<\/span><\/a><span style=\"font-weight: 400\">. Furthermore, the meme cryptocurrency recently <\/span><a href=\"https:\/\/www.ktsl888.com\/news\/dogecoin\/dogecoin-price-decline-looms-as-bears-cut-short-recovery-key-levels-to-watch\/\"><span style=\"font-weight: 400\">encountered rejection<\/span><\/a><span style=\"font-weight: 400\"> due to fresh bearish pressure. This occurred as the cryptocurrency attempted to recover some of the losses it had sustained last week.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to various social media posts by whale transaction tracker Whale Alerts, there have been multiple instances of large Dogecoin transfers in and out of exchanges during this price decline, with the latter being prevalent and contributing to the decline. Notable among these transfers is the transfer of 108.5 million DOGE tokens into Robinhood<\/span><\/p>\n<h2>DOGE Price In Trouble<\/h2>\n<p><span style=\"font-weight: 400\">Transaction details from the blockchain show that the 109 million DOGE tokens were transferred from a private address &#8220;DF8jRK&#8221; to &#8220;DHQsfy,&#8221; an address linked to the American retail crypto platform Robinhood.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.ktsl888.com\/news\/bitcoin\/bitcoin-crash-buying-the-dip\/\">Bitcoin Crash: Here\u2019s What The Data Says About Buying The Dip<\/a><\/div>\n<p><span style=\"font-weight: 400\">At the time of transfer, the tokens were collectively worth $11.58 million, making it one of the largest Dogecoin transactions in 30 days. Consequently, the transfer to Robinhood, a major crypto exchange, suggests the whale may be preparing to sell their DOGE holdings, which could drive the price down.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udea8 108,572,027 <a href=\"https:\/\/twitter.com\/hashtag\/DOGE?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#DOGE<\/a> (11,580,883 USD) transferred from unknown wallet to <a href=\"https:\/\/twitter.com\/hashtag\/Robinhood?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Robinhood<\/a><a href=\"https:\/\/t.co\/rKRBitf8Qy\" rel=\"nofollow\">https:\/\/t.co\/rKRBitf8Qy<\/a><\/p>\n<p>\u2014 Whale Alert (@whale_alert) <a href=\"https:\/\/twitter.com\/whale_alert\/status\/89683685?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 8, 2024<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Generally speaking, whale transfers into cryptocurrency exchanges like this one contribute to a pessimistic sentiment among retail investors. It is interesting to note that a thorough examination of the data on the blockchain reveals that this is not the first time that the unnamed whale address has moved massive amounts of Dogecoin tokens to Robinhood in what appears to be selloffs. As <\/span><a href=\"https:\/\/www.ktsl888.com\/news\/dogecoin\/dogecoin-whale-71-million-doge\/\"><span style=\"font-weight: 400\">reported by NewsBTC<\/span><\/a><span style=\"font-weight: 400\">, a similar transaction occurred in October 2023, when 71.2 million DOGE tokens were dumped into Robinhood by address &#8220;DF8jRK.&#8221;<\/span><\/p>\n<h2>What\u2019s Next For Dogecoin?<\/h2>\n<p><span style=\"font-weight: 400\">This latest sell-off on Robinhood is just the latest setback for the popular meme cryptocurrency, which has been experiencing a challenging stretch.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Over the past month alone, DOGE has shed around 25% of its value, <\/span><a href=\"https:\/\/www.ktsl888.com\/news\/dogecoin-decimated-5-million-liquidation-sparks-14-price-plunge\/\"><span style=\"font-weight: 400\">bottoming out below<\/span><\/a><span style=\"font-weight: 400\"> $0.10 for the first time since February. Consequently, the meme cryptocurrency has lost a sizeable chunk of the gains it had accumulated during the first half of the year, when it peaked at $0.22.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.ktsl888.com\/news\/bitcoin\/83-all-bitcoin-holders-60000\/\">83% Of All Bitcoin Holders Still In Profit Despite Drop Below $60,000<\/a><\/div>\n<p><span style=\"font-weight: 400\">At the time of writing, DOGE is trading at $0.108 and is still in an active sell-off in the broader cryptocurrency market. According to <\/span><a href=\"https:\/\/app.intotheblock.com\/coin\/DOGE\/deep-dive?group=financials&amp;chart=inAndOut\" rel=\"nofollow\"><span style=\"font-weight: 400\">average cost data<\/span><\/a><span style=\"font-weight: 400\"> from IntoTheBlock, Dogecoin bulls would need to slice through many resistance points around $0.109, $0.113, $0.117, and $0.1209 before regaining full bullish momentum from retail investors. This requirement for bullish momentum <\/span><a href=\"https:\/\/x.com\/cryptodailyTS\/status\/52260818\" rel=\"nofollow\"><span style=\"font-weight: 400\">was also reaffirmed<\/span><\/a><span style=\"font-weight: 400\"> by Crypto Daily Trade Signals, which pointed out that the price of DOGE must stabilize above $0.1080 and $0.1150 to be considered bullish.<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/42mbGjOh\/\" alt=\"Dogecoin price chart from Tradingview.com\" width=\"3286\" height=\"1578\"><figcaption class=\"wp-caption-text\">DOGE price struggles | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">DOGEUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dogecoin has been in a price decline for the past seven days as the entire crypto market continues to be dominated by a fear sentiment. Furthermore, the meme cryptocurrency recently encountered rejection due to fresh bearish pressure. This occurred as the cryptocurrency attempted to recover some of the losses it had sustained last week.\u00a0 According to various social media posts by whale transaction tracker Whale Alerts, there have been multiple instances of large Dogecoin transfers in and out of exchanges during this price decline, with the latter being prevalent and contributing to the decline. Notable among these transfers is the transfer of 108.5 million DOGE tokens into Robinhood DOGE Price In Trouble Transaction details from the blockchain show that the 109 million DOGE tokens were transferred from a private address &#8220;DF8jRK&#8221; to &#8220;DHQsfy,&#8221; an address linked to the American retail crypto platform Robinhood. Related Reading: Bitcoin Crash: Here\u2019s What The Data Says About Buying The Dip At the time of transfer, the tokens were collectively worth $11.58 million, making it one of the largest Dogecoin transactions in 30 days. Consequently, the transfer to Robinhood, a major crypto exchange, suggests the whale may be preparing to sell their DOGE holdings, which could drive the price down.\u00a0 \ud83d\udea8 108,572,027 #DOGE (11,580,883 USD) transferred from unknown wallet to #Robinhoodhttps:\/\/t.co\/rKRBitf8Qy \u2014 Whale Alert (@whale_alert) July 8, 2024 Generally speaking, whale transfers into cryptocurrency exchanges like this one contribute to a pessimistic sentiment among retail investors. It is interesting to note that a thorough examination of the data on the blockchain reveals that this is not the first time that the unnamed whale address has moved massive amounts of Dogecoin tokens to Robinhood in what appears to be selloffs. As reported by NewsBTC, a similar transaction occurred in October 2023, when 71.2 million DOGE tokens were dumped into Robinhood by address &#8220;DF8jRK.&#8221; What\u2019s Next For Dogecoin? This latest sell-off on Robinhood is just the latest setback for the popular meme cryptocurrency, which has been experiencing a challenging stretch. Over the past month alone, DOGE has shed around 25% of its value, bottoming out below $0.10 for the first time since February. Consequently, the meme cryptocurrency has lost a sizeable chunk of the gains it had accumulated during the first half of the year, when it peaked at $0.22. Related Reading: 83% Of All Bitcoin Holders Still In Profit Despite Drop Below $60,000 At the time of writing, DOGE is trading at $0.108 and is still in an active sell-off in the broader cryptocurrency market. According to average cost data from IntoTheBlock, Dogecoin bulls would need to slice through many resistance points around $0.109, $0.113, $0.117, and $0.1209 before regaining full bullish momentum from retail investors. This requirement for bullish momentum was also reaffirmed by Crypto Daily Trade Signals, which pointed out that the price of DOGE must stabilize above $0.1080 and $0.1150 to be considered bullish. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":629047,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83685],"tags":[6664,85977,1785,89174,85675,7,1803,1804,79599,79600,89615,14781],"class_list":["post-628987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-crypto","tag-crypto-whales","tag-doge","tag-doge-news","tag-doge-price","tag-dogecoin","tag-dogecoin-news","tag-dogecoin-price","tag-dogeusd","tag-dogeusdt","tag-whale-news","tag-whales"],"acf":[],"yoast_head":"\n<title>Dogecoin Price In Trouble Amid 108 Million DOGE Dump On Robinhood<\/title>\n<meta name=\"description\" content=\"Dogecoin has been in a price decline for the past seven days as the entire crypto market continues to be dominated 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