Future

Dogecoin

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On-chain data has revealed more than 112 million <a href="https://bitcoinist.com/dogecoin-replicates-170-move/" rel="noopener noreferrer nofollow">Dogecoin </a>tokens recently made their way out of Robinhood into an unknown wallet. <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-whales-on-move-worrying-sign/" rel="noopener noreferrer nofollow">DOGE transfers</a> into crypto exchanges have seen an uptick in the past few days, as the crypto continues to struggle to keep up pace compared to other top cryptocurrencies. However, according to Whale Alerts, 112 million DOGE which was valued at roughly $10.4 million at the time of the transfer, was sent from Robinhood into a private wallet.<h2 id="b-massive-dogecoin-transfer-out-of-robinhood-b">Massive Dogecoin Transfer Out Of Robinhood</h2>According to Whale Alerts, the 112 million DOGE tokens were transferred from the Robinhood-linked address “DHQsfy” into the private address “DEndnp.” The tokens were then transferred to another private wallet address “DF8jRK” four hours later.A further look through on-chain <a href="https://blockchair.com/dogecoin/address/DEndnpPewG1i6PYPNCBogvt6gWLmkNMAtU" rel="noopener noreferrer nofollow">transaction data</a> shows earlier large DOGE transactions between the Robinhood address and private wallet “DEndnp.” On Dec 21, 17.5 million DOGE tokens made their way from Robinhood into “DEndnp.”. At the time of the transaction, this tranche of coins was worth approximately $1.6 million. Again, the tokens were then transferred to “DF8jRK” four hours later. At the time of writing, “<a href="https://blockchair.com/dogecoin/address/DF8jRK7rt6e7ni5pCCZFm7LAfjcJHvjEGb" rel="noopener noreferrer nofollow">DF8jRK</a>” holds 111 million DOGE tokens, and the pattern of transfers points to the transactions being made by the same entity.On the other hand, various social media posts from Whale Alerts have shown large DOGE transfers from private addresses into Robinhood over the week. On December 18, <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-price-85-million-doge/" rel="noopener noreferrer nofollow">a single transaction</a> of over $7 million worth of DOGE was sent into Robinhood.Crypto whales, or investors holding very large amounts, are always worth keeping an eye on. When whales make big moves, it often means something. They also tend to show general sentiment among whales. However, in this case, $10 million worth of Dogecoin exiting Robinhood could signal that the whale is opting to keep the tokens in self-custody in anticipation of a long-awaited DOGE price surge.<h2 id="b-future-outlook-for-dogecoin-b">Future Outlook For Dogecoin</h2>Dogecoin is currently trading at $0.09312, over a newly found support at the $0.092 level. DOGE went on a run earlier in the month that saw its price reach a yearly high of $0.0151 on December 11. This growth has since slowed down, and DOGE is now down by %0.6 in a 7-day timeframe.&nbsp;DOGE whales have increased their holdings by a substantial amount in the past month. According to IntoTheBlock’s Balance By Holdings metric, the balance of addresses holding between $100,000 to $1 million, $1 million to $10 million, and more than $10 million worth of DOGE has increased by 23.28%, 16.41%, and 27% in the past 30 days. Collectively, these large addresses have increased their holdings by $1.32 billion since December 1.&nbsp;Dogecoin is currently trading 87% below its all-time high of $0.74. As a meme token, <a href="https://bitcoinist.com/dogecoin-payments-x-doge/" rel="noopener noreferrer nofollow">DOGE’s value is mostly tied</a> to hype among traders, particularly retail investors. If the current bullish momentum among DOGE whales rolls over into retail investors, we could see the cryptocurrency’s <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-0-1-doge-price-rally/" rel="noopener noreferrer nofollow">strong bullish run in 2024</a>. The first step in its journey to a new high is to <a href="https://www.newsbtc.com/dogecoin-2/dogecoin-doge-price-reach-0-2/" rel="noopener noreferrer nofollow">find a strong footing</a> over the $0.1 price level.Featured images from Shutterstock

$10 Million Worth Of Dogecoin Exit Robinhood – What This Could Mean For Price

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