Massive 131 Million DOGE Transfer Sparks Speculation: What’s Really Happening?

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Based on blockchain information, approximately 131 million DOGE coins have moved between two different parties in just a brief span of time through two separate transactions.

According to the blockchain monitoring service, Whale Alert, a total of 131 million Dogecoin was transferred out of the online brokerage firm, Robinhood, in two significant transactions.

🚨 🚨 80,452,117 #DOGE (33,127,063 USD) transferred from #Robinhood to unknown wallet

— Whale Alert (@whale_alert) January 17, 2025

Initially, a transfer of approximately 80 million Dogecoins, equivalent to about $33.1 million, was sent anonymously from Robinhood to a different wallet. In the second instance, over 51 million Dogecoins, roughly $21.3 million in value, were transferred from Robinhood to the prominent cryptocurrency platform, Coinbase.

These significant transactions could possibly be linked to either whales or institutional investors. Moving assets to Coinbase might suggest they’re planning to sell or engage in trading activities. Transfers to an unidentified wallet may hint at private ownership by a major investor or a large-scale buyer, often referred to as a ‘whale’. However, the precise motive behind these transactions still remains a mystery.

DOGE price action

As I pen this analysis, Dogecoin is experiencing a 2.90% decrease over the past 24 hours to reach $0.398. This dip appears to be due to the ongoing market-wide profit-taking, which has resulted in approximately $493 million being wiped out from various crypto assets through liquidations. Earlier today, Dogecoin peaked at an intraday high of $0.434, only to drop as low as $0.383 during Saturday’s trading session.

On January 15, I observed a significant jump in Dogecoin, surpassing the 50-day Simple Moving Average (SMA) at approximately $0.37. Subsequently, on January 16, despite bearish attempts to pull down the price, these efforts were successfully thwarted by the bulls. This suggests an improvement in market sentiment towards Dogecoin.

In the present market situation, it’s essential to watch for potential support levels, and one such crucial short-term support could be around $0.35. If this level is breached, it might suggest that bears are taking advantage of rallies, possibly causing Dogecoin to drop down to the next significant support at $0.30.

If Dogecoin’s price surpasses $0.40, this would indicate a resolution in favor of the buyers, potentially propelling Dogecoin up to $0.48. However, at this level, sellers might emerge, signaling a possible peak.

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2025-01-18 18:41