Dogecoin Whales Move 635 Mln Tokens On Binance & Robinhood, What’s Next For DOGE Price?

Coingapestaff
January 4, 2024
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Will Dogecoin Price Soar To $1.8 After Clearing A 3-Year Resistance?

Dogecoin (DOGE), the largest meme coin by market cap, has witnessed its price plummet by over 10% in today’s trading session. The dog-faced crypto registered massive declines in the past week. While the DOGE price dip is escalating, whales have moved over 600 million tokens via popular crypto exchanges, such as Binance and Robinhood, which could propel the price to plunge harder.

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Dogecoin Whale Transactions Exceed 600 Million

The DOGE whales transferred over 635 million tokens (worth over $52 million) through massive transactions on Binance and Robinhood. According to a post by Whale Alert on X, the latest transaction was conducted via Binance, which recorded a shift of 300 million DOGE from an unknown wallet to the exchange. The transaction was worth $24.62 million.

In addition, another significant transaction was recorded about eight hours before the latest one. A whale moved 151.68 million DOGE tokens worth $12.49 million to an undisclosed wallet from Robinhood. Whilst, about four hours ahead of this transfer, two major Dogecoin transactions were recorded.

Both of these transactions were directed towards Robinhood via an unidentified wallet. The transfers witnessed a shift of 102.27 million and 82.08 million DOGE worth $8.40 million and $6.74 million, respectively.

Also Read: Dogecoin Price Prediction Hints Last Pullback Before Hitting $0.12

Most of the above-mentioned transactions have been made toward a crypto exchange. This suggests that whales have been dumping their DOGE holdings during the recent price dip. However, the one transaction that witnessed a shift of DOGE from Robinhood to an unknown wallet signifies that some are taking advantage of the Dogecoin price drop, expecting it to rise in the future.

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DOGE Price Plummets 10%

The DOGE price tumbled by 10.10% as the crypto traded at $0.08243 at press time on Thursday, January 4, 2024. Moreover, in the last seven days, the meme coin has lost about 12% in value. In addition, despite the initial gains, the 1-month losses have now amounted to about 9%.

Earlier, on Wednesday, the dog-theme crypto plunged from $0.092 to $0.082 within two hours, accelerating the price decline. In addition, the DOGE market cap slumped by 9.95% to $11.77 billion. However, the 24-hour trade volume registered a massive increase. The trade volume skyrocketed by 141.46% to $1.08 billion.

Also Read: Binance to Remove Key Liquidity Pools in January 2024

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.