During a visit to Tesla’s factory in Germany near Berlin after a suspected arson attack, Musk expressed optimism toward dogecoin’s future, proclaiming the iconic phrase “Dogecoin to the moon.”
Dogecoin’s Massive Move Alert to Robinhood
In recent reports from Whale Alert, a platform dedicated to monitoring and disclosing notable movements on various blockchains, there has been evidence of a considerable flow of Dogecoin to the Robinhood trading app.

In the last two days, transfers totaling approximately $33.8 million, corresponding to 200 million units of Dogecoin, were recorded. It is speculated that these movements are aimed at selling these cryptocurrencies.
Speculation around Elon Musk
Whale Alert reported two substantial Dogecoin movements directed towards Robinhood, executed by unidentified wallet holders. The initial transaction saw the movement of 118.40 million DOGE, equating to a value of $19.75 million, while the latter involved 86 million DOGE, with a valuation of $14.12 million.
These transactions sparked speculation among users, some of whom jokingly suggested that Elon Musk, CEO of Tesla and known supporter of Dogecoin, might be involved.
Tesla and Competition in the Electric Vehicle Market
Meanwhile, Tesla faces intense competition in the electric vehicle market, with traditional and emerging companies launching their own models this year. Despite this, the inclusion of dogecoin as a payment method could be a key differentiator, aligning with the company’s fan base, which has shown strong interest in its products, selling out quickly after launch.
Dogecoin’s Current Situation
On the dogecoin front, the cryptocurrency has experienced significant volatility, showing consolidation suggesting the formation of a bullish continuation pattern.

Despitean intraday loss of 6.9%, dogecoin price is flirting with the possibility of a breakout that could invalidate the short-term bullish thesis. However, the formation of a pennant pattern indicates that there could be consolidation ahead of a possible breakout in the coming weeks.

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Dogecoin whales recently shifted over 1 billion coins to and fro Robinhood, sparking speculations as DOGE's price neared $0.2.
STORY HIGHLIGHTS
Dogecoin whales move over 1 billion DOGE in the past 24 hours.These whale transactions showcase accumulations and dumps in hand, stirring speculations.Dogecoin's price jumps, nearing $0.2.
In an intriguing turn of events, massive Dogecoin whales appear to be on the move, nabbing significant attention across the crypto universe. With nearly 1 billion DOGE shifted in the past 24 hours, the whales’ move, coming in tandem with DOGE’s movement nearing $0.2, reverberated a craze among crypto market enthusiasts globally, stirring speculations over future price action shifts as it illustrated accumulations and dumps in hand.
Meanwhile, intriguingly, the market dynamics surrounding Dogecoin infused a bullish dash on the world’s largest meme-based token by global market cap. This phenomenon, emerging amid the broader cryptocurrency market uptrend, ignited further speculations.
Dogecoin Whales On The Move: A Closer Look
According to the insights revealed by the blockchain tracker Whale Alert, 1.08 billion DOGE was shifted via six colossal transactions in the past 24 hours. Three of these transactions showcased accumulations from Robinhood, a renowned trading platform, whereas the remaining showcased enormous dumps to the same exchange.
Accumulations totaled 437.14 million DOGE, whereas a staggering 650 million coins were dumped into Robinhood. However, DOGE’s price maintained an upward trajectory, contrasting the supply gains resulting from these dumps. This upward trajectory taken by Dogecoin appears to be sitting atop a plethora of bullish market dynamics.
As of writing, Dogecoin’s price noted a substantial 4.23% upswing over the past 24 hours and is currently trading at $0.1809. With a notable 4.28% jump in the market cap, accompanied by a 5.90% jump in the 24-hour trading volume, the dog-based meme token took a bullish stand today.
Derivatives data by Coinglass added to this bullishness, showcasing an increased OI-weighted funding rate of 0.0529%, escorted by an open interest surge of 4.10%. This signaled increased readiness among investors to invest more in long positions and money inflow in the derivatives market.
The RSI, hovering near 61, hinted that the token potentially embraces for further pumps as an overbought territory is not yet achieved, while the buying pressure in the market prevails. This collectively stirs speculations over further pumps ahead.
Meanwhile, a recent analysis by CoinGape Media additionally illustrated an optimistic outlook for DOGE as its price held above three key bull market indicators: the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA. This pattern reinforces the bullish outlook and encourages traders to seek exposure by taking more long positions in DOGE, as also mentioned above. Further, if buying pressure continues to prevail, the token could potentially pave its path for $0.02 ahead, adding to the market optimism amid this year’s much anticipated crypto market bull run.

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