Dogecoin Whales Move Over $30 Million Despite Market Pullback, Remain Above $0.39

Despite the significant whale transfers from Robinhood, Dogecoin (DOGE) slipped slightly but remained above $0.39.

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Dogecoin (DOGE) price slipped slightly but remained above the $0.39 level on Monday despite the significant whale transfers from Robinhood.

According to Whale Alert, two large Dogecoin transfers were made on Monday. The first transfer involved 58.8 million DOGE tokens, valued at $21.3 million, being sent to a Coinbase wallet. Another large transfer saw 37.5 million DOGE tokens, worth about $12.5 million, being sent to an unknown wallet.

The second wallet does not appear to belong to any known exchange, suggesting that high net worth individuals or institutional investors may be stockpiling DOGE.

Crypto analysts typically interpret large transfers from exchanges to unknown wallets as bullish. This could indicate that “whales” are securing their assets for long-term holding rather than preparing for immediate selling. Notably, CoinGape recently reported that these whales had accumulated 140 million DOGE coins in 24 hours.

Despite the recent optimism, the crypto market retreated into a pullback, with Bitcoin pulling back from its all-time high. Other altcoins and meme coins, such as DOGE, were also subjected to downward pressure.

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