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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Dogecoin Price In Trouble Amid 108 Million DOGE Dump On Robinhood

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Dogecoin

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Dogecoin has been in a price decline for the past seven days as the entire crypto market continues to be dominated by a fear sentiment. Furthermore, the meme cryptocurrency recently encountered rejection due to fresh bearish pressure. This occurred as the cryptocurrency attempted to recover some of the losses it had sustained last week. 

According to various social media posts by whale transaction tracker Whale Alerts, there have been multiple instances of large Dogecoin transfers in and out of exchanges during this price decline, with the latter being prevalent and contributing to the decline. Notable among these transfers is the transfer of 108.5 million DOGE tokens into Robinhood

DOGE Price In Trouble

Transaction details from the blockchain show that the 109 million DOGE tokens were transferred from a private address “DF8jRK” to “DHQsfy,” an address linked to the American retail crypto platform Robinhood.

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At the time of transfer, the tokens were collectively worth $11.58 million, making it one of the largest Dogecoin transactions in 30 days. Consequently, the transfer to Robinhood, a major crypto exchange, suggests the whale may be preparing to sell their DOGE holdings, which could drive the price down. 

🚨 108,572,027 #DOGE (11,580,883 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/rKRBitf8Qy

— Whale Alert (@whale_alert) July 8, 2024

Generally speaking, whale transfers into cryptocurrency exchanges like this one contribute to a pessimistic sentiment among retail investors. It is interesting to note that a thorough examination of the data on the blockchain reveals that this is not the first time that the unnamed whale address has moved massive amounts of Dogecoin tokens to Robinhood in what appears to be selloffs. As reported by NewsBTC, a similar transaction occurred in October 2023, when 71.2 million DOGE tokens were dumped into Robinhood by address “DF8jRK.”

What’s Next For Dogecoin?

This latest sell-off on Robinhood is just the latest setback for the popular meme cryptocurrency, which has been experiencing a challenging stretch.

Over the past month alone, DOGE has shed around 25% of its value, bottoming out below $0.10 for the first time since February. Consequently, the meme cryptocurrency has lost a sizeable chunk of the gains it had accumulated during the first half of the year, when it peaked at $0.22.

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At the time of writing, DOGE is trading at $0.108 and is still in an active sell-off in the broader cryptocurrency market. According to average cost data from IntoTheBlock, Dogecoin bulls would need to slice through many resistance points around $0.109, $0.113, $0.117, and $0.1209 before regaining full bullish momentum from retail investors. This requirement for bullish momentum was also reaffirmed by Crypto Daily Trade Signals, which pointed out that the price of DOGE must stabilize above $0.1080 and $0.1150 to be considered bullish.

Dogecoin price chart from Tradingview.com
DOGE price struggles | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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