Just In: Robinhood Crypto Again Supports Dogecoin Transfers

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As a seasoned crypto investor with a knack for spotting opportunities, I can’t help but feel a sense of excitement upon hearing Robinhood Crypto’s latest move to support Dogecoin (DOGE) token transfers. Having ridden the DOGE rollercoaster since its inception, I remember the panic-inducing Wells Notice from the US Securities and Exchange Commission back in May, which led to a mass exodus of tens of millions in DOGE from Robinhood.

Robinhood’s cryptocurrency platform now enables the transfer of Dogecoin (DOGE) tokens. This means that users are now able to both withdraw and deposit their DOGE, and they can even receive a 1% bonus on deposits through the app up until November 30.

The platform is advancing in the realm of cryptocurrency, by recently revealing that European clients can now exchange cryptos through their application. This development continues the company’s dedication to improving crypto services and making them more accessible for users, regardless of geographical boundaries.

Following its worldwide growth plan, Robinhood intends to enhance the functionalities of its products across all territories while accelerating its global development. As Robinhood progressively introduces novel features in various regions, it aspires to cement its position as a prominent platform offering simple and accessible cryptocurrency trading options.

Robinhood Crypto Now Supports Dogecoin Token Transfers with 1% Bonus!

As a crypto enthusiast, I’m thrilled to share that from today onwards, Robinhood Crypto has made it possible for us to deposit and withdraw Dogecoin ($DOGE). Even better, they are offering a 1% deposit bonus on this digital currency, which we can earn until November 30th. This is an exciting opportunity for those who believe in the potential of Dogecoin!

Undeniably, this latest launch is significant, particularly following the wave of withdrawals initiated in May, when the platform received a Wells Notice from the US Securities and Exchange Commission. During this time, investors withdrew tens of millions worth of DOGE after the SEC hinted at potential regulatory action against Robinhood’s cryptocurrency division.

Robinhood Crypto now supports $DOGE token transfers!

Withdraw & Deposit #DOGE and earn a 1% deposit bonus on the app until 30 November.

Terms apply. Download the app: #RobinhoodOnchain

— Robinhood Crypto EU (@RobinhoodCrypto) November 2, 2024

Following the notice, an analysis of the blockchain by Bitcoinsensus revealed that approximately 164 million Dogecoin (worth around $25 million) had been transferred from Robinhood, suggesting a level of caution among investors.

After reactivating Dogecoin transfer support, Robinhood Crypto seems to be picking up speed again, offering enticing perks to encourage Dogecoin users to return to the platform. This could indicate the start of a fresh phase for Dogecoin in a more favorable regulatory climate.

Is $10 DOGE Possible?

Dogecoin, the cryptocurrency inspired by a popular internet meme, saw a slight increase in value today, hinting at a short-term rebound. The latest price movements indicate growing buying interest and consolidation around a significant support level, sparking some optimism among investors. When the broader crypto market experiences significant fluctuations throughout the week, Dogecoin tends to surge. If current trends continue, many analysts believe that the much-anticipated $1 mark could be easily reached.

Tony Severino, head of research at NewsBTC, recently broached Dogecoin’s chart, pointing to a bullish cross on the two-month Logarithmic Moving Average Convergence Divergence for the first time since 2021. From historical data, Severino believes a price increase of 8,628% is probable.

Increasing Dogecoin’s value to approximately $10 would significantly boost its market capitalization to potentially reach an astounding $1.466 trillion. Looking back at Dogecoin’s historical 4,300% and 12,000% price surges, Severino predicts that this rally could persist for about 213 days, with a possible downturn around April 2025. As of the current data from Robinhood Crypto, the coin’s price is currently around $0.16.

Dogecoin Rises Amid Renewed Interest and Market-Wide Bitcoin Momentum

As a researcher examining the latest trends in the cryptocurrency market, it appears that Dogecoin’s recent surge can be attributed, in part, to the second wave of popularity it has experienced. This resurgence seems to have been fueled by influential figures like Elon Musk, who has inadvertently spotlighted DOGE through actions such as establishing the Department of Government Efficiency (D.O.G.E), although he may not have intended for this to be a direct endorsement.

The fact that he has aligned with Dogecoin has kept the meme-based cryptocurrency in the spotlight for an extended period,  attributed to the token’s upward trajectory. Adding to this fervor is Bitcoin’s climb to near its $73,700 high, setting a positive tone across the broader cryptocurrency market.

Even though there’s much excitement about Dogecoin, investors are closely watching if upcoming changes will lead to selling pressure given recent significant DOGE transfers. Some believe these movements could be linked to Robinhood Crypto re-adding Doge to its platform. Such large shifts often spark speculation about heightened volatility. Since Dogecoin is influenced by sentiment and market trends, a sudden sell off could trigger fluctuations, causing traders to exercise caution as they decide on the next strategic move for this asset.

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2024-11-02 20:15