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Today, on June 11, 2024, the overall cryptocurrency market is experiencing a massive downturn affecting top assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and many others. Amid this significant price drop, a massive Dogecoin (DOGE) transaction has garnered attention from investors, traders, and institutions. Whales move millions of DOGE token 
According toWhale Alert, a blockchain transaction tracker, nearly 326 million DOGE tokens worth $47.22 million have been transferred from the Robinhood wallet to an unknown wallet in the last 24 hours. This substantial transfer of DOGE tokens highlights the interest of whales and investors in meme coins amid the market downturn, potentially indicating they are taking advantage of the price drop. Despite this massive DOGE transfer, its impact has not been reflected in the token’s price. 
Currently, DOGE is trading near $0.1405, having experienced a 3% price drop in the last 24 hours. Over a longer period, DOGE has seen an 11.5% decline in the past 7 days, while remaining stable over the last 30 days. Despite the price fall in the past 24 hours, trading volume has significantly increased by 40%, according to data from CoinMarketCap, indicating confidence among investors, traders, and institutions. Dogecoin technical analysis and key levels 
Expert technical analysis suggests <a href="https://news.todayq.com/is-dogecoin-about-to-skyrocket-experts-think-so/" rel="noopener noreferrer nofollow">DOGE</a> is looking bearish and is currently heading toward the 200 EMA (Exponential Moving Average) near $0.132. The current level serves as strong support; however, if DOGE breaks down and closes below $0.14 on the daily timeframe, it may reach $0.128, which is its next support level.
DOGE is not the only meme coin to experience a significant price fall in the last 24 hours. Other top tokens, including Shiba Inu (SHIB), Floki (FLOKI), and Dogewithhat (WIF), have seen substantial price drops of 4%, 8%, and 3% respectively, according to CoinMarketCap.
Meanwhile, top cryptocurrencies like BTC, ETH, and SOL have also experienced price drops of 3.5%, 4%, and 3% respectively. As of writing, the overall cryptocurrency market is down by 3.6%, while the 24-hour trading volume has surged by 60%, highlighting increased participation from investors and traders amid this bearish market sentiment.

$326 million DOGE move from Robinhood, Are whales buying?

Todayq News

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