Dogecoin (DOGE), the quintessential meme coin, has been under the spotlight after a significant transfer of approximately $14 million worth of DOGE from the Robinhood trading platform to an unknown wallet. This transfer of 166.2 million DOGE caught the attention of meme coin enthusiasts and was detected by Whale Alert, known for tracking large blockchain transactions.
Such Dogecoin transactions have been drawing attention since the previous month, with the latest one not being an isolated case. A fortnight ago, on January 9th, another large transfer of 134.1 million DOGE, valued at around $10.85 million, was made from Robinhood to an unknown wallet.
Contrary to these outflows, there have also been substantial inflows to Robinhood, including a transfer of 78 million DOGE, worth approximately $6.29 million, on January 8th. Additionally, on January 4th, a massive movement involving 883.016.276 DOGE, valued at nearly $72.93 million, occurred between two unknown wallets.
Despite these movements, Dogecoin’s price experienced a decline of over 4% in the last 24 hours, trading at $0.08181. The price drop mirrored the broader market downturn affecting Bitcoin (BTC), Ethereum (ETH), and other major altcoins, with Solana (SOL) being one of the biggest losers, falling to $85.
The market volatility, including regulatory news and technological developments, serves as a reminder of how rapidly cryptocurrency prices can change, with Dogecoin’s 24-hour trading volume decreasing by 44% to below $700 million.