- Dogecoin dropped 22% in the last 24 hours amid a broader market crash.
- A whale moved 177K DOGE tokens worth $11 million to Robinhood.
- Robinhood implemented a 24-hour trading halt for stocks and crypto.
Dogecoin (DOGE), the world’s largest meme coin by market capitalization and one of the best performing digital assets in the 2021 crypto market bull run, has been relatively quiet during the current cycle and it seems that investors are losing faith in the altcoin. As per Whale Alert, 117,528,741 DOGE tokens (worth $11 million) were transferred to crypto trading platform Robinhood, a bearish event.
According to Whale Alert’s post on X (formerly Twitter), the 117K DOGE tokens were transferred to Robinhood on August 5th at 01:52:43 UTC with a 3.156 DOGE ($0.29) fee. Such a large transfer to a centralized exchange like Robinhood often suggests an impending sale, as the holder may be looking to dump their holdings amidst a bearish market.
On the other hand, Robinhood temporarily halted trading for 24 hours after the crypto market volatility and pre-market fluctuations in U.S. stocks. However, the DOGE transfer occurred prior to this halt and it is expected that the whale had ample time to sell off its holdings.
Conversation on X said that the whale is panic-selling Dogecoin after the ninth-largest digital asset in the crypto space crashed 22% in the past 24 hours, according to CoinMarketCap data. The trading volume of DOGE surged 155.26% and currently stands at $1.87 billion, confirming that traders are dumping their tokens, anticipating a further decline.
In the past seven days, Dogecoin has crashed almost 40%, starting the week from a high of $0.1347 and currently trading at $0.08273. Additionally, the leading meme coin is down 88.4% from its all-time high of $0.7376, witnessed on May 8, 2021. It is also important to note that DOGE is up 12.83% from August last year.
As per the chart provided by TradingView below, Dogecoin formed ten consecutive daily bearish candles, confirming a downtrend in the short term as the selling volume continued to surge.
The Relative Strength Index (RSI) reads a value of 24.39 which confirms that the selling pressure is high and Dogecoin is currently being oversold. The gradient of the line suggests lower prices but there is a good time to enter the market.
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