Dogecoin ($DOGE ), the largest meme coin in the world, has recently seen a sharp rise in its market. Blockchain data tracker Whale Alert revealed the transfer of 200 million coins $DOGE from Robinhood to an unknown wallet.
This move indicated a potential shift in investor sentiment as the price $DOGE struggles amidst broader market volatility.
Intensification of Dogecoin whale activity
According to Whale Alerts, the value of the 200,000,000 DOGE transferred from Robinhood was approximately $43.4 million. The recipient's address remained unknown, leaving market observers wondering about the intent behind the recent activity.
Some market analysts have linked the transaction to an OTC (over-the-counter) transfer that occurs outside of the cryptocurrency exchange. Others claim that whales are likely reorganizing their funds.
It is important to note that the sender's wallet linked to Robinhood is not new. This wallet, "DDuXG…Bruc1", recently transferred over 321 million DOGE to an unknown wallet.
In a separate transaction, this whale withdrew 180,000,000 DOGE from Robinhood. This transfer, which totaled $49,997,419 at the time, was made in a single transaction.
Could DOGE see a bullish turnaround?
Meanwhile, the price of DOGE continues to trade sideways. In the past 24 hours, DOGE has decreased by 3.4% to $0.2184. Trading volume has also fallen by 8.8% to $2.12 billion, indicating a decrease in investor interest.
However, the lack of price increases is typically indicative of accumulation periods. Large movements of tokens from exchanges often suggest that holders are planning to hold long-term rather than sell.
If this trend continues, DOGE prices could rise as long as demand remains steady or increases.
Furthermore, open interest in Dogecoin has recently risen by 5.98%, while trading volume has increased by 62.12% to $2.49 billion. This rise indicates that DOGE holders are expecting a rise in the coming days, with the current price poised to form a local bottom and a basis for a rebound.
