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Dogecoin Price In Trouble Amid 108 Million DOGE Dump On Robinhood

Dogecoin is currently facing a price decline as the entire crypto market is being dominated by fear sentiment. The meme cryptocurrency recently encountered rejection due to fresh bearish pressure. Adding to the decline, there have been multiple instances of large Dogecoin transfers in and out of exchanges, with a notable transfer of 108.5 million DOGE tokens into Robinhood. This transfer suggests that the whale behind it may be preparing to sell their DOGE holdings, which could further drive down the price.

Transfers like this one into cryptocurrency exchanges often contribute to a pessimistic sentiment among retail investors. It is worth noting that this is not the first time the unnamed whale address has moved massive amounts of Dogecoin tokens to Robinhood. In October 2023, a similar transaction occurred when 71.2 million DOGE tokens were dumped into Robinhood by the same address.

This latest sell-off on Robinhood adds to the challenging stretch that Dogecoin has been experiencing. In the past month, DOGE has lost around 25% of its value, reaching a low below $0.10 for the first time since February. To regain full bullish momentum, Dogecoin bulls would need to overcome several resistance points.

Currently, DOGE is trading at $0.108 and is still in an active sell-off in the broader cryptocurrency market. Traders and investors are closely watching key levels such as $0.109, $0.113, $0.117, and $0.1209 for signs of bullish momentum. Stabilizing above $0.1080 and $0.1150 is also seen as important for a bullish outlook on DOGE.