Dogecoin Massive Dump: 100 Million DOGE Floods Robinhood, Investors Brace For Price Impact

Christian Encila

1 year ago

3 mins read

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In a surprising turn of events within the cryptocurrency realm, Dogecoin (DOGE), the popular meme coin, experienced a frenzy in the broader crypto market. The cause of this excitement was a recent significant whale transaction that caught the attention of traders and investors globally.

DOGE Whales: Surging Transfers, Market Speculations

According to blockchain metrics highlighted by the tracker Whale Alert, a staggering 100 million DOGE, equivalent to $7.83 million, was observed on the move. This notable transfer from an unknown wallet, identified as …wwKF, to the renowned American financial services provider Robinhood, sparked immense curiosity among crypto enthusiasts worldwide.

🚨 100,000,000 #DOGE (7,836,678 USD) transferred from unknown wallet to #Robinhood https://t.co/REEoqcGAoe

— Whale Alert (@whale_alert) February 7, 2024

Despite expectations of a price dip due to such a substantial selloff by the whale, DOGE managed to trade in the green as of press time. This unexpected movement fueled speculations about a potential run for the meme coin in the near future. Market participants eagerly observed the impact that the colossal selloff might have on DOGE’s price.

In addition to the whale transaction, the token witnessed a surge in wallet adoption in recent days. On-chain analytics firm Santiment reported that approximately 414,000 non-zero wallets were added to the DOGE network over the past two weeks, marking the fastest rate of growth in the brief history of the memecoin.

Source: Coinglass

The growth in wallet adoption primarily stemmed from retail investor cohorts, as indicated by the dramatic increase in addresses holding between 0.001-1 coins. This surge in new users joining the DOGE community can be attributed to the cryptocurrency’s cult status in the meme coin space and its widespread popularity.

Interestingly, while the DOGE price experienced a marginal jump at the time of the whale transaction, the subsequent market trends displayed a gradual downward momentum. The weekly and monthly charts indicated a drop of 1.5% and 3.1%, respectively. The contrasting movements in the DOGE price and the whale’s massive selloff, coupled with the decrease in open interest by 2.2%, raised questions about the overall market sentiment.

Dogecoin currently trading at $0.07845 on the daily chart: TradingView.com

Dogecoin’s Potential Shift: Enthusiasts Await Action

Crypto market enthusiasts worldwide are closely monitoring DOGE, eagerly anticipating a potential shift in price action. The influx of new users and the increased number of non-zero wallets added to the network have added to the intrigue surrounding the meme coin.

While the recent whale transaction and the surge in wallet adoption have generated excitement within the DOGE community, it is essential to exercise caution when navigating the highly volatile cryptocurrency market. Factors such as market sentiment, global events, and regulatory developments can have a significant impact on the future price movements of DOGE and other cryptocurrencies.

Source: Santiment

Meanwhile, a recent analysis of Coinglass data by NewsBTC reveals a consistent trend where negative short bets on Dogecoin have consistently outnumbered bullish long bets over the past week.

This divergence in sentiment within the options market adds complexity to the DOGE landscape, signaling caution among traders and suggesting uncertainty about the sustainability of recent positive price movements.

Featured image from Freepik, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.