Whale Alert: Massive 200 Million DOGE Transaction Worth $45.7 Million Withdrawn from Robinhood

by

As a seasoned researcher with years of experience in the cryptocurrency market, I find myself intrigued by the recent surge and significant transaction of Dogecoin (DOGE). The 200 million tokens withdrawal from Robinhood Crypto, worth over $45.7 million, is undeniably eye-catching and raises many questions.

A massive Dogecoin (DOGE) transactions has caught the eye of the cryptocurrency community, as a massive 200 million tokens worth over $45.7 million were withdrawn from major cryptocurrency trading platform Robinhood Crypto.

Initially, the transaction was spotted by Whale Alert’s whale monitoring service. This transaction indicated that the funds were transferred to a wallet that had not been marked before. This wallet is referred to as an “unidentified wallet” by the service. Afterward, the majority of those funds were moved from this wallet, and it currently holds approximately 30.3 billion tokens valued at around $12.79 million.

The transaction occurs during a period when Dogecoin’s price has skyrocketed by 120% in the last week, currently trading at $0.426. Moreover, data indicates an increasing number of users on its network, with approximately 74,885 new wallets containing less than 100,000 DOGE each being created over the past seven days.

Based on information from Santiment, both shark and whale wallet holdings are decreasing, with a total drop of approximately 350 accounts over the same timeframe. Yet, a recent surge of these substantial wallets, adding 108 new addresses in just a few days, seems to have contributed significantly to the rise in Dogecoin’s price.

Based on CryptoGlobe’s report, a well-known crypto analyst predicts that Dogecoin’s price increase might just be the start of a larger upward trend. This trend could potentially place the meme-based cryptocurrency within a trading range between $3.95 and $23.26.

In a recent post on microblogging platform X (previously known as Twitter), analyst Ali Martinez predicted that DOGE could experience an extreme upward trend or “parabolic rise.” This forecast is based on historical trends suggesting a possible peak might occur within the range defined by the Fibonacci retracement levels, specifically between 1.618 and 2.272. If this occurs, it would translate to a potential price range of $3.95 to $23.26.

1) In recent times, a specific cryptocurrency has been beating Bitcoin, rising approximately 25% in the last week alone. Notably, Dogecoin (DOGE), just last month, experienced its highest increase in active addresses in half a year, surpassing 84,000 on its blockchain.

Read More

2024-11-13 23:14