Dogecoin whales moved over 600 million coins during price drop

The price of Dogecoin has fallen by more than 10% in the past 24 hours.

Whales transferred over 635 million DOGE to Binance and Robinhood.

These moves could signal further declines in Dogecoin’s price.

The price of Dogecoin, the largest memecoin by market capitalization, has fallen by more than 10% in the past 24 hours. Dog-themed altcoins also faced significant losses last week.

As the price of DOGE continues to fall this week, whales moving over 600 million DOGE to popular trading platforms like Binance and Robinhood could cause the memecoin to drop further.

Dogecoin whale transaction volume exceeds 600 million

The price of Dogecoin, the largest memecoin by market capitalization, has fallen by more than 10% in the past 24 hours. Dog-themed altcoins also faced significant losses last week. As the price of DOGE continues to fall this week, whales moving over 600 million DOGE to popular trading platforms like Binance and Robinhood could cause the memecoin to drop further.

Additionally, another significant whale-level move was recorded approximately eight hours before the last trade. A cryptocurrency whale moved 151.68 million DOGE (worth $12.49 million) from Robinhood to an anonymous wallet address. About four hours before this transfer, two other large Dogecoin transactions were recorded.

Both transactions were sent to Robinhood via anonymous wallet addresses. The transfers involved 10,227 DOGE worth $8.4 million and 82.08 million DOGE worth $6.74 million respectively.

Most of these trades were against cryptocurrency trading platforms, suggesting whales were dumping their DOGE holdings during the recent price decline. However, the transaction that transferred DOGE from Robinhood to an anonymous wallet address shows that some investors are taking advantage of the price drop to prepare for a potential future increase in the value of Dogecoin.

DOGE price drops

DOGE is trading at $0.08241, down 10.20% in the past 24 hours at the time of writing. Data shows that the altcoin is down 11.80% in the past seven days. Additionally, the decline over the past 30 days is more than 6%.

On January 3, Dogecoin’s price fell sharply, falling from $0.092 to $0.082 in two hours. With this decline, DOGE's market value fell 9.95% to $11.77 billion. Despite the price drop, the altcoin’s trading volume has grown significantly over the past 24 hours, surging 166% to $1.1 billion $DOGE