Will the Price of #DOGE Rebound?
Sea Turtle Transacts $26 Million
A lot of negative sentiment has been building up against the Dogecoin price recently. The current slump follows a broader market slump that has caused other large-cap assets, such as Bitcoin and Ethereum, to fall with considerable losses.
Nevertheless, the price of the meme currency may not remain low for long, particularly in light of the fact that a significant investor made a large trade off of a controlled exchange. Doge community members are speculating that the move, which was reported by an on-chain data tracker, may be good news for the meme coin's valuation.
Robinhood Receives 150 Million Dogecoins from Whale
Lots of Dogecoin has left the Robinhood market, according to data from Whale Alert, a blockchain transaction tracker. A transaction worth almost $26 million, or 150,000,000 DOGE tokens, was recorded on the Dogecoin blockchain yesterday. This transaction originated from the cryptocurrency exchange.
It would seem that a whale was responsible for this massive transfer of cash. A "whale" is a powerful entity or person that has a large quantity of a cryptocurrency (Dogecoin in this example) in their possession.
Because their trading actions may significantly affect the price of a token, "whales" are often thought of as big participants in the cryptocurrency market. Since their moves might spark speculation and possible changes in the market, it's wise to keep a watch on them.
An "exchange outflow" describes this specific transfer, in which the Dogecoin whale transferred their tokens from an exchange wallet to a self-custodial wallet. When investors are confident in the future potential of a cryptocurrency, they often transfer their assets off trading platforms so they may keep their coins for the long haul.
Furthermore, while some investors want to cash out their tokens right after buying them, the transfer of capital off exchanges might sometimes indicate new accumulation.
