In December 2023, the price of Dogecoin (DOGE) remained stable in the 3% range of $0.09 and $0.1, even if other mega-cap meme currencies had a comparatively good performance. Following several unsuccessful attempts to recover $0.1, Dogecoin on-chain data patterns indicated that the buying impulse among bulls is waning.
Dogecoin’s price only increased by 0.5% between December 16 and December 23, whereas SHIB and BONK saw rises of 10% and 8%, respectively. The Aggregate Exchange Order Books chart on IntoTheBlock is an on-chain measure that effectively conveys this negative DOGE price forecast.
As of press time on December 23, retail DOGE dealers have posted active orders to SELL 720 million DOGE, according to the most recent readings from the current trading records of ten major cryptocurrency exchanges, including Binance and Coinbase.
After enduring a challenging period, Dogecoin made an unexpected comeback, surprising everyone with its resounding resurgence. Today, there was identified a large transfer of 250 million Dogecoin (DOGE), valued at around $20.67 million. The transaction has drawn attention from the digital currency world. It was sent to an unidentified wallet and originated from the well-known U.S. brokerage Robinhood.
Massive Dogecoin Exodus from Robinhood
Over the recent days, the DOGE rate had experienced a 3% decline. Looking at the daily chart, the DOGE price had breached the $0.080 threshold. As long as the rate remains below this level, sellers hold more influence than buyers. Consequently, it is foreseeable that there would be a continued descent towards $0.078 in the near future.
But today there was a transfer discovered by Whale Alert, a service that keeps track of important bitcoin transactions, which raised questions about its significance.
Although the precise goal of the transfer is unknown, considering the scale of the transaction and Robinhood’s accessibility to regular investors, it makes sense to take institutional or high-net-worth investors into consideration for possible involvement. Even while the precise causes of the transfer are yet unknown, aficionados are keeping a careful eye on the Dogecoin price chart in hopes of finding some information.