An unidentified crypto whale has reportedly transferred a massive 100 million Dogecoin (DOGE) to the popular trading platform Robinhood in what looks to be a major sell-off move.
While the general crypto market continues to undergo price corrections with investors hoping for a sooner-than-later price rally, some anonymous whales are busy transferring mouthwatering amounts of assets between wallets.
In a recent move, WhaleAlert – a blockchain transaction tracker, reported that it had spotted a huge amount of DOGE tokens moving from a wallet tagged as “unknown” to the US-based trading platform Robinhood.
Per the report, 100,000,000 Dogeoins equivalent to $7,836,678 ($7.8 million) were moved from the wallet to the aforementioned exchange.
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🚨 100,000,000 #DOGE (7,836,678 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/REEoqcGAoe
— Whale Alert (@whale_alert) February 7, 2024
This major activity has sparked speculations across the crypto community with many wondering about the intent. It is particularly alarming as this move comes at a time when the price of DOGE is facing a decline attributed to investors’ trading caution.
Potential reasons behind the transfers
Transactions of this magnitude could have several implications and can be attributed to a few reasons. Since the tokens were sent to a major crypto exchange, it could signify a potential sell-off by a large holder which could have a short-term effect on the price of the token.
Another possible reason for the transaction could be attributed to a strategic move by the large investor to take advantage of the Robinhood trading platform features. Whatever the intention, it could increase the volatility of the token and cause a major price shift in the market.
Dogecoin (DOGE) price reaction
According to data from Coinstats, the price of DOGE has slightly increased in the last 24 hours, jumping by 0.41%. Over the last month, however, the price has dropped by 3.23%.
In addition, the 24-hour trading volume of Dogecoin experienced a slight drop. Per Coinstats data, about $149,066,059 ($149 million) in the volume of Dogecoin has been traded in the last 24 hours, signifying a decline of over 15% from the previous day.
Ultimately, DOGE maintains the #10 spot in the top 10 cryptocurrencies in the market with a live market cap of $11,220,156,673 ($11.2 billion).
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.