Whale transfers $40M in DOGE from Robinhood amidst market volatility
- Large-scale investor transferred 226M Dogecoin tokens from Robinhood.
- That massive token movement hinted at a possible market shift.
- DOGE displayed bearishness on the daily price chart.
A dip-pocketed crypto investor caught the attention of market participants with massive Dogecoin (DOGE) transfers.
The whale withdrew 226.3 million, worth approximately $40M, DOGE coins from Robinhood on April 30.
One transaction involved 150 million tokens, while another moved 76.3 million Dogecoin units.
A shift in market dynamics?
Copy link to sectionWhale movements remain crucial in the cryptocurrency market as they often confirm possible future market actions.
Large-scale investors influence sentiments within the marketplace, resulting in heightened price volatility.
Moreover, crypto expert Michael van de Poppe expects magnified volatility in the crypto market this week, citing Wednesday’s FOMC, employment data, and developments surrounding CZ sentencing and Hong Kong’s ETFs.
DOGE price outlook
Copy link to sectionThe significant whale transfer came as Dogecoin endured downward pressure.
The original memecoin lost 18% and 6% in the previous week and day, respectively, to hover near $0.1335 at press time.
Meanwhile, enthusiasts should watch the latest whale activity on Dogecoin as their actions might precede more substantial shifts in the market.
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