THE Dogemoneta DOGE/USD The community has observed significant activity among the whales, as they have transferred large amounts of meme coins over the past 24 hours.
This flurry of activity coincided with a 19.4% drop in DOGE’s price on Friday, suggesting that these anonymous whales may be seizing the opportunity to buy on the dip.
According to Whale Alert, there were three substantial transactions totaling 374 million DOGE, worth approximately $55.8 million.
In particular, two large withdrawals of 150 million and 100 million DOGE were made from the popular trading app Robin Hoodwhile another 74 million DOGE were deposited back onto the platform.
These movements raise questions about the intentions behind the transfers, whether for selling or long-term storage purposes on Robinhood, which is credited with owning a significant portion of DOGE’s circulating supply.
Read also: Forget Dogecoin and Shiba Inu: This meme coin increased by almost 70% in just 24 hours
Dogecoin’s price drop reflects a broader correction in the cryptocurrency market, mirroring Bitcoin’s sudden 7% drop.
This market turbulence has resulted in cryptocurrency liquidations worth over $300 million across various platforms.
Despite the crisis, Dogecoin managed to recover part of its losses. It is currently trading at $0.1708 on the Binance exchange, marking a recovery of 6.71%.
Now Read: Dogecoin Set to Rise Over 200%, Crypto Analyst Says: “It Will Do Something Crazy This Cycle”
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