Dogecoin (DOGE) Price Crumbles as 119 Million DOGE Are Transferred to Robinhood

The Dogecoin (DOGE) community has been stunned by a massive transfer. More than 119 million DOGE, according to Whale Alert, were transferred from an unknown crypto

A massive crypto wallet transfer has taken place, involving over 119 million Dogecoin (around $11.7 million) being shifted to Robinhood, as reported by Whale Alert. This significant transfer is expected to impact market movements.

Robinhood is a popular trading platform among meme coin enthusiasts, and its activities can influence the market. For instance, in Q1, Robinhood saw a 224% surge in its notional crypto trading volume, reaching $36 billion. This exceeded the previous year's levels and contributed to the American company's total revenue rising by 40% year-over-year to $618 million.

In this case, the large amount of DOGE being transferred to Robinhood suggests a sell-off, which could introduce bearish sentiment into the market. The presence of large holders selling is an indication of selling pressure.

As of now, Dogecoin is trading at $0.09629, following a 2.87% decrease over the last 24 hours. This marks a significant decline for the meme coin, adding another zero to its price—a negative sign for traders.

The broader outlook is also bearish, with the DOGE price showing a 10.05% decrease over the last month. This negative sentiment is evident throughout the market, as another crypto crash occurred today.

The total crypto market cap has fallen to $1.99 trillion after a 3.6% decrease in the last 24 hours. It failed to hold above the crucial $2 trillion market, indicating increasing challenges for the crypto community.

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