Whales Mixed 767 Million Money Through Robinhood, What’s Next?
In a development that improves on the shockwave witnessed today, May 7, dogecoin whales have once again taken the spotlight and shifted around 767 million coins amidst DOGE’s price crash. With Robinhood receiving Wells notice from the US SEC (Securities and Exchange Commission), the large amounts of DOGE tokens being mixed from the crypto exchange has taken the broader crypto market by storm.
These massive whale transactions follow Dogecoin‘s recent notable gains, which were primarily attributed to Tesla accepting DOGE as a payment method. Collectively, this date has stirred up a maelstrom of speculation about future price movements among crypto market participants, as DOGE’s price trajectory shows a notable decline today.
Whales Mixed 767 Million DOGE on Robinhood: Report
According to analysis developed by Whale Alert, 767 million DOGE was transferred collectively in 4 large transactions in the last 24 hours. While the majority of these transactions showed the accumulation of DOGE tokens, a massive dump undermined these accumulations.
The data specifically highlighted three DOGE accumulations from unknown addresses, worth 79.18 million, 123.81 million, and 163.92 million DOGE tokens. On the other hand, 400 million DOGE was moved to Robinhood by an unknown address, creating conflicting thoughts about the upcoming price movement of Dogecoin.
These transactions have garnered additional attention in light of Robinhood receiving a Wells notice from the US SEC (a notice meaning the regulator intends to take enforcement action against Robinhood’s crypto businesses for violating securities laws). Additionally, Elon Musk’s Tesla recently integrated Dogecoin as a payment method, but only through DOGE wallets, increasing speculation about the potential reasons for these transactions.
Also Read: Bitcoin ETF Inflows Remain Strong as Wall Street Hopes for Fed Rate Cut
Dogecoin Price Slips
Meanwhile, DOGE’s price trajectory showed a pullback, creating a mystery over the world’s largest meme token in terms of global market capitalization. Dogecoin traded at $0.1554 with a 5.27% drop in its price over the past day.
Collectively, the above-mentioned data paints an uncertain picture for the dog-themed meme token’s price in the near future. However, Tesla’s adoption of DOGE is a potentially optimistic development for the token in the long term.
Short-term volatility in DOGE price may be even more pronounced as derivatives data signals mixed sentiment in the market. Dogecoin recorded a 7.69% decrease in open interest, while derivative volume increased by 30.14%.
However, it is also worth noting that crypto market participants are expecting even more massive gains in DOGE ahead, accompanied by BTC’s post-halving rally.
Also Read: Crypto Prices Today May 7: Bitcoin and Ethereum Fall as solana and XRP Buck the Market Trend
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