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.

? ? 80,452,117 #DOGE (33,127,063 USD) transferred from #Robinhood to unknown wallethttps://t.co/FV4f1wCkh1

— Whale Alert (@whale_alert) January 17, 2025

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.

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