Dogecoin after big whale transfers from Robinhood 
$0.375533 (DOGE) fell slightly but remained around $0.39. Whale activity continues to fluctuate the price.
Dogecoin Whales
Whale Alert reports indicate that two significant Dogecoin transfers have occurred. The first is the transfer of 58.8 million DOGE to the Coinbase wallet with a value of $21.3 million. The other is that $12.5 million worth of DOGE was sent to an unknown address.
The second wallet does not appear to belong to any known exchange, which could mean that high-net-worth individual or institutional investors are accumulating DOGE.
Dogecoin (DOGE)
Cryptocurrency analysts generally consider large transfers from exchanges to unknown wallets as a positive signal. This may mean that whales are securing their assets for long-term holding rather than in preparation for a short-term sale. One of the popular analysts wrote in his last post that $0.9 is not a dream.
“#Dogecoin next stop: $0.9 🚀 $DOGE forms another Bull Pennant.” – Trader Tardigrade (@TATrader_Alan)
Elon Musk’s support and the Department of Government Efficiency (DOGE) program continue to attract investors, including crypto whales. After a five-week rally, Dogecoin first reached the resistance level at $0.43, signaling a potential correction.
The coin, which is worth exactly $55 billion, is showing a bearish trend on the Relative Strength Index (RSI), indicating that there may be short-term declines ahead.
Since the elections, Dogecoin has risen significantly, reaching a three-year high. However, a class-action lawsuit against Elon Musk alleging manipulation of the Dogecoin price in 2023 has been withdrawn. Investors abandoned their appeal after the court rejected their claims for $258 billion in damages this year.
Dogecoin’s significant whale movements stand out against the general fluctuations in the crypto market. While investors consider that large transfers may have positive long-term effects, the market-wide pullback may create short-term uncertainties. Whale movements and new government programs provide important indicators of Dogecoin’s future performance.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
