DOGE 12% Up as Close to Half Billion Dogecoin Goes to Coinbase and Robinhood

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As a researcher with extensive experience in the cryptocurrency market, I find the recent developments surrounding Dogecoin intriguing. The massive transfer of nearly half a billion DOGE to leading trading platforms Coinbase and Robinhood raises suspicions of potential large-scale sales. These transactions occurred amidst a significant price increase for Dogecoin this week, which has brought its value up by over 12%.

Based on information from Whale Alert, a well-known blockchain investigator, approximately half a billion Dogecoins have been transferred to two major cryptocurrency exchanges. The transaction is believed to be aimed at selling these coins, given the recent surge in Dogecoin’s price during this week.

Before the two transactions took place, three substantial amounts of Doge coins were withdrawn from Robinhood’s investment platform.

🚨 89,999,572 #DOGE (15,186,295 USD) transferred from unknown wallet to #Coinbase— Whale Alert (@whale_alert) May 22, 2024

680.9 million DOGE on the move

As an analyst, I’ve examined a data source that revealed five significant transactions transferring approximately 681 million DOGE coins. The most recent two transfers involved sending 89,999,572 and 300,000,000 DOGE to the prominent cryptocurrency exchanges Coinbase and Robinhood, respectively. With a fiat value of around $65.5 million, these transactions could potentially represent sales being made on those specific platforms.

🚨 🚨 🚨 300,000,000 #DOGE (50,403,127 USD) transferred from unknown wallet to #Robinhood
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— Whale Alert (@whale_alert) May 21, 2024

Prior to those transactions, Whale Alert recorded three more transfers carrying 82,698,136, 70,081,079, and 138,326,037 Dogecoins. The total value of these transactions amounted to approximately $48.7 million. This large sum of crypto was transferred from Robinhood to unidentified blockchain wallets, indicating likely purchases or transfers to cold storage wallets for safekeeping.

As a crypto investor, I’m keeping a close eye on Dogecoin because it’s one of the top ten digital assets with a large following. Plus, tech billionaire Elon Musk is a known supporter, which adds to its appeal. Some members of the DOGE community are optimistic that he will integrate Dogecoin into X, possibly this year, once internal payments become available.

Dogecoin spikes 12% over past days

As a crypto investor, I’ve noticed some exciting price action in the oldest and largest canine-themed cryptocurrency, Dogecoin, over the past few days. Starting from its price of $0.1520 on Monday, Dogecoin has experienced a remarkable surge, reaching a high of $0.1716 earlier today – a notable increase of over 12%.

Despite the significant increase in value, the price subsequently dropped by over 3%, landing at $0.1667.

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2024-05-22 15:35