131 Million Dogecoin Shuffled in One Hour by Robinhood: Details

According to on-chain data, 131 million DOGE has been shuffled within a relatively short period in two transactions.

Blockchain data tracker Whale Alert reports 131 million DOGE moved from online trading firm Robinhood in two major transactions.

The first transaction involved the transfer of 80,452,117 DOGE, valued at nearly $33,127,063, from Robinhood to an unknown wallet. The second transaction saw 51,954,195 DOGE, worth around $21,334,106, being moved from Robinhood to major cryptocurrency exchange Coinbase.

Such large moves might be associated with whales or institutional players. The transfer to Coinbase may indicate a potential sale or preparation for trading activity, while the transfer to an unknown wallet may indicate private custody or purchase by a large holder or whale. All that said, the exact reason for the transfers remains unknown.

DOGE price action

At the time of writing, Dogecoin was down 2.90% in the last 24 hours to $0.398 amid the current profit-taking in the market, which has seen $493 million wiped out in liquidations across various crypto assets. Dogecoin had touched intraday highs of $0.434 before falling as low as $0.383 during Saturday's trading session.

Dogecoin surged over the 50-day SMA at $0.37 on Jan. 15, and bulls rejected bearish attempts to drag down the price on Jan. 16. This shows that the sentiment has improved.

Amid the current selling in the market, the $0.35 level may be a critical near-term support to keep an eye on. A break below this level may indicate that bears are selling on rallies. Dogecoin might then fall to the support at $0.30.

If the Dogecoin price rises above $0.40, it will signal that the uncertainty has been settled in favor of the bulls. Dogecoin could soar to $0.48, where it is expected to face selling.