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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