Meme currency aficionados were interested by a big Dogecoin (DOGE) transfer on Monday. 166.2 million DOGE coins, or almost $14 million, were moved from the Robinhood trading platform to an unidentified wallet earlier today.
Whale Alert, a service that monitors significant bitcoin transactions, found and reported the transaction.
Recent Robinhood-related Dogecoin moves
Robinhood has been at the centre of a number of significant Dogecoin transactions during the last month.
A transfer of 134.1 million DOGE, or around $10.85 million, was made from Robinhood to an unidentified wallet on January 9.
On the other hand, 78 million DOGE, or around $6.29 million, transferred from an unidentified wallet to Robinhood on January 8.
Massive transfers of 883,016,276 DOGE, or around $72.93 million, between unidentified wallets occurred on January 4.
The DOGE price drop
Over the past day, Dogecoin’s value has dropped by 6.2%, which is consistent with the current decline in the cryptocurrency market as a whole.
Significant selling pressure has also been applied to Bitcoin (BTC), Ethereum (ETH), and other prominent cryptocurrencies, which is indicative of a broader market trend. The leading cryptocurrency is currently trading below $40,000.
Dogecoin’s current price of $0.08082, which is lower than its 24-hour high of $0.08632, clearly indicates this decline.
This variation is a component of the erratic character of cryptocurrencies, whose values can shift quickly as a result of a number of variables, such as news about regulations, market mood, and technical advancements.
