Whale Alert Detects Massive Dogecoin (DOGE) Transfer to Robinhood, Raising Concerns Among Enthusiasts

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.

Dogecoin (CRYPTO: DOGE) encountered a steep decline in price on Wednesday evening, exhibiting a drop of over 18% and continuing a concerning trend.

What Happened: According to data from Benzinga Pro, the meme coin was trading at $0.08748, showing a substantial decrease.

Over the last 24 hours, Dogecoin’s price has experienced a sharp decline, as evident in the price chart. Commencing the day at $0.1066, the token encountered a series of跌价 before reaching its lowest point of $0.0861. Subsequently, it attempted a slight recovery, rising to $0.0923, before ultimately settling at the evening price.

This significant drop in price has brought Dogecoin below the crucial support level of $0.10, a development that may amplify the concerns among enthusiasts.

Moreover, to further complicate the situation, Whale Alert detected a massive transaction involving the meme token. A total of 117,528,741 DOGE, valued at $11.007 million, was observed being transferred from an unidentified wallet to the Robinhood exchange for liquidation.

? 117,528,741 #DOGE (11,007,044 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/kSXuqsl3op

— Whale Alert (@whale_alert) August 5, 2024

This substantial dump may have exacerbated the sell-off in Dogecoin.

See More: Best Cryptocurrency Scanners

Trending Now: Chart Analysis: Bitcoin Price May Drop Further, Rally Likely to Resume Later This Month

CFN also reported recently that over $1 billion was liquidated from the cryptocurrency market in 24 hours.

The large-scale withdrawal of cash from risky assets, including cryptocurrency, was influenced by several factors. Among them were Japan's interest rate hike and the possibility of a U.S. rate cut, both of which played a role in the mass-scale withdrawal.

These economic shifts created an atmosphere of uncertainty, ultimately prompting investors to sell their holdings in volatile markets such as cryptocurrency.

On a brighter note, Benzinga highlighted earlier the upcoming release of Dogecoin Core 1.14.8, which prioritizes repeatability and network security. This development showcases that, despite the unfavorable and severe market conditions, the project continues to work towards long-term growth.

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