Whale Alert Reports 131M DOGE Shuffled from Robinhood to Unknown Wallet and Coinbase

According to on-chain data, 131 million DOGE has been shuffled within a relatively short period in two transactions.

Blockchain data tracker Whale Alert has spotted two major transactions involving a total of 131 million DOGE (about $54 million) being moved from online trading firm Robinhood.

The first transaction saw 80,452,117 DOGE, valued at nearly $33,127,063, being transferred from Robinhood to an unknown wallet. The second transaction involved the transfer of 51,954,195 DOGE, worth around $21,334,106, from Robinhood to major cryptocurrency exchange Coinbase.

Such large-scale token movements are often 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 suggest private custody or purchase by a large holder or whale. However, the precise reason for the transfers remains unclear.

Dogecoin price drops amid profit-taking

At the time of writing, Dogecoin was down 2.90% in the last 24 hours to $0.398 as part of the broader market profit-taking, which saw $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 above the 50-day SMA at $0.37 on Jan. 15, and bulls rejected bearish attempts to drag down the price on Jan. 16. This suggests an improvement in sentiment.

With the current selling in the market, the $0.35 level is a crucial near-term support to watch. A break below this level may indicate that bears are selling on rallies, and Dogecoin could then fall to the support at $0.30.

If the Dogecoin price rises above $0.40, it will suggest that the uncertainty has been resolved in favor of the bulls. Dogecoin could then rise to $0.48, where it is likely to encounter selling.