Dogecoin price could face significant selling pressure after whales transferred billions of DOGE coins to Robinhood cryptocurrency exchange. The move follows Memecoin’s recent price surge, making it one of the top-performing stocks in the crypto market.
Dogecoin price may fall after $1.74 billion DOGE transfer
Dogecoin price may fall after a whale transferred 1.74 billion DOGE ($278 million) to Robinhood. Whale executed these transfers in six separate transactions, and on-chain data shows that Dogecoin investors transferred 290 million DOGE coins in each transaction.
DOGE’s transfer to top crypto exchanges is significant considering the amount and the significant selling pressure it could put on Memecoin. Transfers to exchanges are usually bearish as it indicates the holder is looking to offload their coins.
Considering how much the price of Dogecoin has risen following this recent rally in the crypto market, this whale could definitely be looking to cash in. The most popular meme coin has gained more than 19% in the past seven days.
Memecoin has been able to enjoy this price surge thanks in part to Elon Musk’s indirect support through the Department of Government Efficiency (DOGE). Meanwhile, DOGE is also rising thanks to rising Bitcoin prices, with the flagship cryptocurrency retesting its current all-time high (ATH) of $73,700.
Memecoin outlook remains bullish
Despite the potential selling pressure it may face, Dogecoin price still boasts a bullish outlook. In a post on X, cryptocurrency analyst Ali Martinez said that history suggests a potential parabolic bull run for DOGE in November. He advised market participants to watch for a continuation of the closing price above $0.20.
However, November has always been a mixed month for the top meme coins, according to Cryptorank’s historical data. DOGE has only posted positive monthly returns four times since 2013, but in November 2023 it posted a 22% price increase.
Meanwhile, Dogecoin price is in bullish territory based on the current cryptocurrency market sentiment. Bitcoin is expected to hit a new all-time high (ATH) sooner or later, especially since crypto advocate Donald Trump is likely to become the next US president.
Donald Trump becoming the next president is particularly bullish on meme coins as it will pave the way for Elon Musk to push through with his government efficiency plans. DOGE will attract more attention due to its similarity to the DOGE acronym, which will ultimately lead to further price increases.
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Boluwatife Adeyemi
Boluwatife Adeyemi is an experienced cryptocurrency news writer and editor who has covered topics spanning DeFi, NFTs, smart contracts, blockchain interoperability, and more, among others. Boluwatife has a knack for simplifying the most technical concepts and making them easier for crypto beginners to understand. Outside of writing, he is an avid basketball fan and enjoys playing part-time.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
