Dogecoin

Core

United

Million

<ul>
 <li>Whale Alert detected 117,528,741 DOGE transferred to Robinhood for liquidation.</li>
 <li>Over $1 billion was liquidated from the crypto market in 24 hours.</li>
</ul>
The crypto market, which had been recovering since the beginning of 2024, is now facing a significant sell-off, sending most cryptocurrencies into the deep red zone. This drop is reminiscent of a nightmare for investors.
The meme coin sector, which is generally buzzing with activity and frequently moves in opposite directions to the broader market, has not been spared from this huge sell-off, and Dogecoin (DOGE) is no exception.
As major assets like Bitcoin (BTC) and Ethereum (<a style="color: #008000;" href="https://www.crypto-news-flash.com/smart-money-investor-sells-eth-before-market-crash/" rel="noopener noreferrer nofollow">ETH</a>) have plummeted, Dogecoin has also experienced a steep decrease in recent days. DOGE is currently trading at $0.08748, down 18.00% over the last 24 hours. This dip has seen DOGE fall below the critical support level of $0.10, raising concerns among its enthusiasts.
<div class="cryptoboxes" id="mcw-630826" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="dogecoin" data-symbol="DOGE" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
</div>
<h2 id="strong-whale-alert-detects-massive-dogecoin-transfer-to-robinhood-strong">Whale Alert Detects Massive Dogecoin Transfer to Robinhood</h2>
During this price decrease, Whale Alert <a href="https://x.com/whale_alert/status/1820276749613081016" rel="noopener noreferrer nofollow">noticed</a> a large transaction involving the meme token. A total of 117,528,741 DOGE, worth $11.007 million, were transferred from an unknown wallet to the Robinhood exchange for liquidation. This massive dump has likely worsened the sell-off in Dogecoin.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 117,528,741 <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DOGE</a> (11,007,044 USD) transferred from unknown wallet to <a href="https://twitter.com/hashtag/Robinhood?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Robinhood</a><a href="https://t.co/kSXuqsl3op" rel="noopener noreferrer nofollow">https://t.co/kSXuqsl3op</a>
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1820276749613081016?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 5, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
To make matters worse, CNF recently <a style="color: #008000;" href="https://www.crypto-news-flash.com/crypto-market-panic-over-1-billion-liquidated-in-24-hours/" rel="noopener noreferrer nofollow">reported</a> that $1 billion had been liquidated from the cryptocurrency market over the last 24 hours. This large liquidation has also forced Robinhood, the exchange through which the whale transferred the funds, to suspend operations for the next 24 hours. This dramatic step emphasizes the gravity of the current market crisis.
Several causes have influenced the massive withdrawal of cash from risky assets, including cryptocurrency. Hiking interest rates in Japan and the possibility of a cut rate in the United States are among the key factors in this large-scale withdrawal.
These economic upheavals have created an environment of uncertainty, prompting investors to sell their holdings in risky markets like cryptocurrency.
On a more positive note, CNF previously <a style="color: #008000;" href="https://www.crypto-news-flash.com/dogecoin-core-1-14-8-update-nears-major-progress-in-reproducibility/" rel="noopener noreferrer nofollow">highlighted</a> the upcoming release of Dogecoin Core 1.14.8, which prioritizes repeatability and network security. This progress demonstrates that, despite the current unfriendly and severe market conditions, the project is nevertheless devoted to long-term growth.

Whale Moves Over 117 Million DOGE to Robinhood During Market Sell-Off

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