Consequently, the transfer to Robinhood, a major crypto exchange, suggests the whale may be preparing to sell their DOGE holdings, which could drive the price down. 🚨 108,572,027 #DOGE (11,580,883 USD) transferred from unknown wallet to #Robinhood — Whale Alert (@whale_alert) July 8, 2024 Generally speaking, whale transfers into cryptocurrency exchanges like this one contribute to a pessimistic sentiment among retail investors.
Notable among these transfers is the transfer of 108.5 million DOGE tokens into Robinhood DOGE Price In Trouble Transaction details from the blockchain show that the 109 million DOGE tokens were transferred from a private address “DF8jRK” to “DHQsfy,” an address linked to the American retail crypto platform Robinhood.
This occurred as the cryptocurrency attempted to recover some of the losses it had sustained last week. According to various social media posts by whale transaction tracker Whale Alerts, there have been multiple instances of large Dogecoin transfers in and out of exchanges during this price decline, with the latter being prevalent and contributing to the decline.
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