PRICE $DOGE IS AT RISK: WHALE TRANSFERS $278 MILLION TO ROBINHOOD, CAUSING SELLING PRESSURE TO RISE.



The price of Dogecoin may face significant selling pressure after a whale transferred billions of DOGE to the cryptocurrency exchange Robinhood. This move comes after the recent price surge of the meme coin, making it one of the top-performing coins in the cryptocurrency market.

Dogecoin Price May Drop After Transfer of 1.74 Billion $DOGE

The price of Dogecoin faces the possibility of a decline after a whale transferred 1.74 billion DOGE (equivalent to $278 million) to Robinhood. This whale carried out these transactions in six separate transfers, and on-chain data shows that the Dogecoin investor transferred 290 million DOGE in each transaction.

The DOGE transfers to the leading cryptocurrency exchange are quite significant, considering the volume involved and the considerable selling pressure it may create for the meme coin. Transfers to exchanges are often negative, as they indicate that holders are looking to sell their coins.

This whale is certainly looking to take profits, given the increase that the price of Dogecoin has recorded following the recent cryptocurrency market rally. The leading meme coin has risen over 19% in the past seven days.

This meme coin has benefited from the price increase partly thanks to the indirect support of Elon Musk through the Department of Government Efficiency (D.O.G.E). Meanwhile, DOGE has gained from the rally of Bitcoin, with the leading coin currently testing its all-time high (ATH) of $73,700.

The Outlook for the Meme Coin Remains Positive

Although it may face selling pressure, the price of Dogecoin still has a positive outlook. History shows that November is often a mixed month for DOGE, but last year’s 22% increase brings hope.

Meanwhile, the price of Dogecoin is in a positive zone based on the current sentiment of the cryptocurrency market. Bitcoin is expected to break its all-time high (ATH) sooner rather than later, especially with Donald Trump, a crypto supporter, likely to become the next U.S. president.

Donald Trump becoming the next president is also a particularly positive signal for the meme coin, as it would pave the way for Elon Musk to implement the Department of Government Efficiency he proposed. DOGE attracts more attention thanks to its similarity to the acronym D.O.G.E, ultimately leading to more price surges.