NAIROBI (CoinChapter.com) — Whale alert service @whale_alert has discovered a huge deal that has captured the attention of the cryptocurrency community. 134,827,084 DOGE worth approximately $27,658,034 were transferred from Robinhood to an unknown wallet. This massive movement of funds has recently sparked widespread speculation about its potential role in driving down the price of DOGE.
Dogecoin Price Alerts
Dogecoin, the world’s leading memecoin, experienced significant volatility on April 2, with its market capitalization dropping 11.04% to $26,318,548,092. Despite being the 8th largest cryptocurrency, its 24-hour trading volume increased by 17.38% to $3,802,012,614, indicating strong market activity.
Despite this decline, recent whale activity suggests continued interest from deep-pocketed investors. Historically, these large trades often precede significant market movements, causing both traders and analysts to monitor the situation closely.
Whales Accumulate Amid Market Volatility
Market analyst Ali noted that Dogecoin whales have amassed a whopping 1.4 billion DOGE (about $280 million) over the past two weeks. This significant buying pressure from large investors is consistent with recent market turmoil characterized by notable liquidations across major cryptocurrencies.
The Bitcoin market saw a staggering $131.92 million in liquidations, with long positions accounting for over $400 million. Short sellers suffered a relatively small loss of $85 million, but Dogecoin was unscathed, with liquidations recording $14.76 million.
According to Messari data, the number of Dogecoin addresses holding over 1 million DOGE currently stands at 4,760, reflecting the increase in holdings so far in 2024. Additionally, trading volume exceeded $1.1 billion, reflecting asset liquidity and trading activity.
to sum up
A mysterious transaction moved 134 million DOGE from Robinhood to an unknown wallet, sending DOGE prices down 11%.
Whale Alert discovered this significant transfer that has sparked intrigue and speculation. Dogecoin whales recently acquired 1.4 billion DOGE worth about $280 million, boosting interest despite market volatility. This massive activity suggests growing confidence among investors.