Whales Move 767M Coins on Robinhood as the price of DOGE declined. The enormous quantities of DOGE tokens shifted out of the cryptocurrency exchange coincided with Robinhood receiving a Wells notice from the Securities and Exchange Commission of the United States, which rocked the cryptocurrency market.
These significant whale trades come after Dogecoin recently reported impressive increases, mainly attributed to Tesla accepting DOGE as payment. Given that DOGE’s price trajectory showed a notable decline today, this history has caused a whirlwind of conjecture among those involved in the cryptocurrency market regarding potential price swings.
767 million DOGE are shuffled by whales using Robinhood: Report
On the last day, four large transactions totalling 767 million DOGE were made, according to Whale Alert’s simplified insights. Even though the bulk of these transactions showed how DOGE tokens were accumulating, a massive dump destroyed these accumulations.
Information revealed three DOGE accumulations totalling 79.18 million, 123.81 million, and 163.92 million DOGE tokens made by unidentified addresses. On the other side, 400 million DOGE was sent to Robinhood by an unknown address, generating contradictory emotions over Dogecoin’s price movement ahead.
These transactions have drawn more attention in light of Robinhood obtaining a Wells notice from the U.S. SEC. This indicates that the regulatory agency intends to launch an enforcement action against Robinhood’s cryptocurrency companies for breaking securities laws. Elon Musk’s Tesla recently started accepting Dogecoin as payment. However, it’s limited to transactions through DOGE wallets only. This decision has sparked rumors about Tesla’s intentions. Some speculate about potential hidden motives behind these exchanges.
Slips in Dogecoin Prices
Meanwhile, DOGE’s price trajectory declined, casting doubt on the largest meme token in the world based on global market capitalization. Dogecoin’s price dropped by 5.27% on the last day to trade at $0.1554.
When taken as a whole, the data above suggests that the price run of dog-themed meme tokens may soon be unpredictable. On the other hand, Tesla’s adoption of DOGE is a positive development for the token in the long run.
The derivatives data’s indication of a mixed mood in the market may make the short-term volatility in DOGE’s price even more evident. Dogecoin’s open interest decreased by 7.69%, but its derivative volume increased by 30.14%.
