- Dogecoin fell 22% in the last 24 hours in the middle of a wider market crash.
- A whale moved 177k Doge -Tokens worth $ 11 million to Robinhood.
- Robinhood implemented a 24-hour trade stop for shares and crypto.
Dogecoin (Doge), the world’s largest meme mint through market capitalization and one of the best performing digital assets in the Crypto Market Bull Run in 2021, has been relatively quiet during the current cycle and it seems that investors are losing confidence in the altcoin. According to Whale -Alert, 117,528,741 Doge -Tokens (worth $ 11 million) were transferred to Crypto -trading platform Robinhood, a Bearish Event.
According to the Whale Alert post on X (formerly Twitter), the 117K Doge -Tokens were transferred to Robinhood on August 5 at 01:52:43 UTC with a 3.156 Doge ($ 0.29) compensation. Such a large transfer to a centralized exchange such as Robinhood often suggests an approaching sale, because the holder may be looking for his participations in the midst of a bearish market.
On the other hand, Robinhood temporarily stopped trade for 24 hours after the crypto-market volatility and pre-market fluctuations in US shares. However, the doge transfer took place before this stop feeding and it is expected that the whale had enough time to sell its participations.
Conversation on X said that the whale-sales sale is Dogecoin after the ninth largest digital is active in the crypto-space for the past 24 hours, according to the data from Coinmarketcap. The trade volume of DOGE rose by 155.26% and is currently $ 1.87 billion, which confirms that traders dump their tokens, anticipating a further decrease.
In the past seven days, Dogecoin has crashed almost 40%, starting the week from a highlight of $ 0.1347 and currently traded at $ 0.08273. Moreover, the leading meme-mint has fallen by 88.4% compared to the all times of $ 0.7376, witness on 8 May 2021. It is also important to note that DOGE has risen by 12.83% from August last year.
According to the graph of TradingView below, Dogecoin formed ten consecutive daily bearish candles, which confirmed a downward trend in the short term as the sales volume continued to rise.
The relative strength index (RSI) reads a value of 24.39 that confirms that the sales pressure is high and Dogecoin is currently being sold. The gradient of De Lijn suggests lower prices, but there is a good time to enter the market.
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