Dogecoin has was in a state of price reduction over the past seven days, as the entire cryptocurrency market continues to remain the feeling of fear prevails. In addition, the cryptocurrency meme has recently faced with refusal due to fresh bearish pressure. This came as the cryptocurrency tried to recover some of the losses it suffered last week.
According to various social media posts from whale transaction tracker Whale Alerts, there were several instances of large Dogecoin transfers to and from exchanges during this price drop, with the latter being the most prevalent and contributing to the drop. Notable among these transfers was the transfer of 108.5 million DOGE tokens to Robinhood
DOGE Price in Trouble
Transaction details from the blockchain show that 109 million DOGE tokens were transferred from a private address “DF8jRK” to “DHQsfy,” an address associated with US-based crypto retail platform Robinhood.
At the time of the transfer, the total value of the tokens was $11.58 million, making it one of the largest Dogecoin transactions in 30 days. Therefore, the transfer to Robinhood, a major cryptocurrency exchange, suggests that the whale may be preparing to sell his DOGE holdings, which could lead to a decrease in the price.
🚨 108,572,027 #DOGE (11,580,883 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/rKRBitf8Qy
— Whale Alert (@whale_alert) July 8, 2024
Overall, whale transfers to cryptocurrency exchanges like this one contribute to the pessimism among retail investors. Interestingly, a closer look at the blockchain data shows that this is not the first time an unnamed whale address has transferred huge amounts of Dogecoin to Robinhood in what appears to be a sell-off. NewsBTC reportsA similar transaction occurred in October 2023, when 71.2 million DOGE tokens were transferred to Robinhood from the address “DF8jRK”.
What’s next for Dogecoin?
Robinhood’s latest sell-off is just the latest setback for the popular meme cryptocurrency, which is going through tough times.
In the last month alone, DOGE has lost about 25% of its value, sinking below the bottom $0.10 for the first time since February. As a result, the meme cryptocurrency has given up a significant portion of the gains it had made in the first half of the year, when it peaked at $0.22.
At the time of writing, DOGE is trading at $0.108 and is still in the midst of an active sell-off in the broader crypto market. According to average cost data From IntoTheBlock, Dogecoin bulls will need to overcome multiple resistance points around $0.109, $0.113, $0.117, and $0.1209 before they regain full bullish momentum from retail investors. This is a requirement for bullish momentum was also confirmed according to Crypto Daily Trade Signals, which states that the DOGE price needs to stabilize above $0.1080 and $0.1150 to be considered bullish.
