Dogecoin Whale Offloads 120M Coins To Robinhood, DOGE Price At Risk?

In the background of Dogecoin’s recent rising price action, a whale has been recorded offloading massive amounts of the dog-themed meme coin, causing a stir in the crypto community. A staggering 120M DOGE tokens, per on-chain data surfacing within the market, were dumped to the Robinhood exchange by an unknown whale today, May 18.

This transfer has ignited speculations over DOGE’s future price trajectory, as crypto market participants view this dump as a not-so-optimistic event. Here’s a detailed report on Dogecoin’s current market statistics and the reasons behind crypto investors’ recent cautious stance towards this asset.

120M DOGE Whale Transfer Sparks Investor Concerns

According to the insights offered by Whale Alert, an on-chain analytics platform, 120 million DOGE, worth $18.55 million, was noted to have been dumped by the unknown address DDuXG to the Robinhood crypto exchange. Notably, this transfer comes amid a recent rising price action witnessed by DOGE, signaling potential profit-taking behaviors by the wallet address.

Meanwhile, upon further investigation, it was found that the same address was noted to have accumulated 226 million DOGE from Robinhood last month, when DOGE traded near the $0.13 price level. This underscores notable gains nabbed by the crypto whale with the abovementioned transfer, as the price currently sits at the $0.15 level.

With nearly 50% of the DOGE accumulated still remaining with the address, crypto market participants expressed hope for Dogecoin’s price action ahead. Simultaneously, despite the considerable selling pressure encountered by Dogecoin due to the abovementioned transfer, the meme coin traded in the green.

Also Read: Ripple Spotlights $865M XRP Volume Amid SEC Lawsuit: Report

DOGE Price Soars

As of writing, Dogecoin’s price noted an uptick of 3.65% in the past 24 hours and is currently trading at $0.1561. Its 24-hour lows and highs are $0.1495 and $0.1569, respectively.

The largest meme crypto by market cap, resting at $1.10 billion, has defied market expectations of a slump in price with significant token dumps on exchanges. This has, in turn, birthed speculations over the potential of meme-based investment products to offer investors gains.

Meanwhile, Coinglass data showed a 7.06% jump in DOGE’s OI to $869.93 million, followed by a 7.10% dip in derivatives volume to $1.44 billion. Underscoring mixed sentiments among investors, potentially due to speculative trading, this data further enigmatizes the token’s future price movements.

Besides, the RSI (Relative Strength Index) hovered at 52, indicating that the asset is neither overbought nor oversold.

Also Read: Spot Bitcoin ETFs Net $1.3B in May, Reversing April’s $344M Outflows

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