Historically, when it comes to meme coins, the first cryptocurrency that comes to mind has been none other than DOGE. It was perhaps Elon Musk, who, aside from being one of the richest people in the world, drew attention with his overt support for the meme coin, that established DOGE in this position. Recently, after the announcement of the “X Payment” account by X, which Musk had purchased in the past, eyes turned back to DOGE.
Dogecoin Current Situation
This Monday, a significant transfer of Dogecoin (DOGE) that caught the attention of meme coin followers did not go unnoticed. Approximately 166.2 million DOGE, valued at around 14 million dollars, was sent from the Robinhood trading platform to an unknown wallet.
The transaction, which was detected by Whale Alert, known for quickly capturing large transactions on the blockchain, drew attention. Such Dogecoin transactions on Robinhood have been attracting attention since last month.
Generally, coins transferred out of exchanges are positively received as they reduce supply, but the price drop showed that this transaction was not sufficient.
14 days ago, on January 9th, 134.1 million DOGE (worth approximately 10.85 million dollars) was also sent from Robinhood to an unknown wallet.
Conversely, there were also transactions in the opposite direction. On January 8th, a sum of 78 million DOGE, worth approximately 6.29 million dollars, was sent from an unknown wallet to Robinhood. Again, on January 4th, a large movement involving 883,016,276 DOGE (worth approximately 72.93 million dollars) occurred between two unknown wallets.
How Much is Dogecoin?
The price of Dogecoin has also experienced a drop of over 4% in the last 24 hours and is trading at 0.08181 dollars. While the reason is not clear, the recent hours have seen a decline in Bitcoin (BTC), Ethereum (ETH), and other high-volume altcoins, with SOL dropping to the 85 dollar level and being among the biggest losers.
On the other hand, Bitcoin has managed to recover slightly despite dropping below the 40,000 dollar level and is trading around 40,200 dollars at the time of writing.
The price drop has reflected on Dogecoin, bringing it down from the 24-hour high of 0.08632 dollars to 0.08082 dollars. DOGE’s 24-hour trading volume has decreased by 44% and has fallen below the 700 million dollar level.
The fluctuations in the market, including regulatory news and technological developments, are some of the biggest indicators of how quickly cryptocurrency prices can change.
