A large Dogecoin transfer to Robinhood has sparked concerns about a potential sell-off. This comes as the DOGE price 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 shows that a whale moved 132 million Dogecoin ($27 million) to Robinhood from an unknown wallet. Such a move typically indicates an intention to offload these coins, which could put significant selling pressure on the DOGE price. This also comes amid the price crash, which further highlights the current bearish sentiment in the meme coin’s ecosystem.
Dogecoin has dropped below the psychological $0.2 level amid the rising tensions between the U.S. and China following President Trump’s announcement of a 100% tariff on China, starting next month. Notably, DOGE had dropped to as low as $0.11 last week, during a flash crypto market crash after Trump’s announcement.
Meanwhile, although the Robinhood transfer indicates an intention to sell, a closer look at the on-chain data suggests that the unknown wallet may also belong to Robinhood and that the exchange was moving some of these DOGE tokens between its hot and cold wallets. Regardless, other metrics highlight the bearish sentiment in the Dogecoin ecosystem at the moment.
Santiment data shows that the number of Dogecoin whale transactions has decreased over the past few weeks, suggesting these investors are waiting on the sidelines instead of buying the dip. This raises concerns that the DOGE price may not yet be over, as whale accumulation typically precedes a price rebound. Meanwhile, DOGE’s transaction volume has also dropped from a recent high of $4 billion on October 10 to as low 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 still on the cards for the Dogecoin price despite its recent crash. In an X post, he stated that DOGE is getting ready for its next cyclical surge to a new ATH and beyond, as it did during the 2017 cycle. In line with this, he declared that a minimum increase of 251% is in sight.
His accompanying chart showed that the Dogecoin price could rally to as high as $4, although that is expected to happen next year. However, in the meantime, crypto analyst Ali Martinez has indicated that DOGE needs to stay above $0.19 to avoid a larger pullback. He added that a hold above this level could send the meme coin to $0.33.
At the time of writing, the Dogecoin price is trading at around $0.1882, down over 4% in the last 24 hours, according to data from CoinMarketCap.
Related Posts
