Whale Strikes $11M Value DOGE to Robinhood Amid 24-Hour Buying and selling Halt

• Dogecoin dropped 22% within the final 24 hours amid a broader market crash.
• A whale moved 177K DOGE tokens price $11 million to Robinhood.
• Robinhood carried out a 24-hour buying and selling halt for shares and crypto.

Dogecoin (DOGE), the world’s largest meme coin by market capitalization and top-of-the-line performing digital belongings within the 2021 crypto market bull run, has been comparatively quiet throughout the present cycle and plainly traders are dropping religion within the altcoin. As per Whale Alert, 117,528,741 DOGE tokens (price $11 million) had been transferred to crypto buying and selling platform Robinhood, a bearish occasion.

In response to Whale Alert’s submit on X (previously Twitter), the 117K DOGE tokens had been transferred to Robinhood on August fifth at 01:52:43 UTC with a 3.156 DOGE ($0.29) payment. Such a big switch to a centralized alternate like Robinhood typically suggests an impending sale, because the holder could also be trying to dump their holdings amidst a bearish market.

However, Robinhood quickly halted buying and selling for twenty-four hours after the crypto market volatility and pre-market fluctuations in U.S. shares. Nevertheless, the DOGE switch occurred previous to this halt and it’s anticipated that the whale had ample time to dump its holdings.

Dialog on X mentioned that the whale is panic-selling Dogecoin after the ninth-largest digital asset within the crypto area crashed 22% prior to now 24 hours, in response to CoinMarketCap knowledge. The buying and selling quantity of DOGE surged 155.26% and at the moment stands at $1.87 billion, confirming that merchants are dumping their tokens, anticipating an extra decline. 

Previously seven days, Dogecoin has crashed nearly 40%, beginning the week from a excessive of $0.1347 and at the moment buying and selling at $0.08273. Moreover, the main meme coin is down 88.4% from its all-time excessive of $0.7376, witnessed on Could 8, 2021. It’s also vital to notice that DOGE is up 12.83% from August final yr. 

As per the chart supplied by TradingView under, Dogecoin shaped ten consecutive each day bearish candles, confirming a downtrend within the quick time period because the promoting quantity continued to surge. 

The Relative Power Index (RSI) reads a price of 24.39 which confirms that the promoting stress is excessive and Dogecoin is at the moment being oversold. The gradient of the road suggests decrease costs however there’s a good time to enter the market.