In a surprising move, Whale Alert, a well-known blockchain tracker, reported that 90 million DOGE tokens, equivalent to approximately $14.2 million at current prices, left Robinhood eight hours ago. Earlier today, the leading meme cryptocurrency experienced a 3% drop before recovering some of its losses. Robinhood, the popular commission-free investment app, has supported Dogecoin since 2018.
Robinhood’s Influence On Dogecoin’s Rise
Robinhood played a crucial role in Dogecoin’s meteoric rise in early 2021. This platform dominates retail activity in the U.S., making it a significant player in the cryptocurrency market. In its Q1 update, Robinhood revealed that its users hold $7.4 billion worth of Dogecoin. Comparatively, this amount surpasses Ethereum holdings at $5.6 billion. However, Bitcoin remains the largest holding among Robinhood users, totaling $10.4 billion.
Related article: Dogecoin (DOGE) Poised for Bullish Breakout: What to Expect
Simultaneously, data from Santiment indicates that Dogecoin whales have purchased 700 million DOGE tokens, roughly valued at $112 million, over the past 24 hours. Despite this significant buying pressure, Dogecoin’s price performance has been rather underwhelming. The increase in whale activity highlights the ongoing interest and investment in Dogecoin despite its recent price fluctuations.
Market Predictions And Current Performance
Popular cryptocurrency trader Kaleo recently predicted that Dogecoin, the largest meme coin, will spend a bit longer in its current range before surging much higher. Kaleo emphasized, “If you don’t think the king of memes eventually sends during the meme supercycle, you’re crazy.” This statement underscores the anticipation among traders for a potential future surge.
Related article: DOGE 7 Days Price Analysis: Dogecoin Defies The Odds With a Surprise Surge
Although Dogecoin has rallied 83% in 2024, it is still down a staggering 72% from its record high. This significant drop from its peak reflects the volatility and challenges faced by the cryptocurrency market. However, the continuous activity from whales and predictions from traders suggest a potential for future growth.
The substantial transfer of DOGE tokens from Robinhood and the ongoing whale purchases underscore the dynamic and unpredictable nature of the cryptocurrency market. Despite recent setbacks, the anticipation for Dogecoin’s future performance remains high among traders and investors.
