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According to on-chain data, 131 million DOGE was mixed in a relatively short time in two transactions.
Blockchain data tracker Whale Alert reports that 131 million DOGE was transferred from online trading company Robinhood in two major transactions.
The first transaction concerned the transfer of 80 452 117 DOGE, worth almost $33,127,063, from Robinhood to an unknown wallet. The second transaction saw 51,954,195 DOGESworth approximately $21,334,106, transferred from Robinhood to leading cryptocurrency exchange Coinbase.
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Such large movements could be associated with whales or institutional actors. Transferring to Coinbase may indicate a potential sale or preparation for trading activity, while transferring to an unknown wallet may indicate private custody or a purchase by a large holder or whale. That said, the exact reason for these transfers remains unknown.
DOGE price
At the time of writing, Dogecoin was down 2.90% over the past 24 hours to $0.398 amid current market profit-taking, which saw $493 million wiped out in liquidations of various crypto assets. Dogecoin had touched an intraday high of $0.434 before falling to $0.383 during Saturday’s trading session.
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Dogecoin surged above the 50-day SMA at $0.37 on January 15, and the bulls rejected bearish attempts to push the price lower on January 16.
Amid the current market sell-off, the $0.35 level could provide a critical near-term support to watch. A break below this level may indicate that bears are selling in rallies. Dogecoin could then fall to the support at $0.30.
If Dogecoin price rises above $0.40, it will signal that the uncertainty has been resolved in favor of the bulls. Dogecoin could rise to $0.48, where it is expected to sell off.