- A whale just moved $26 million worth of Dogecoin (DOGE) out of Robinhood.
- Is this a sign of a bullish reversal for the dog-themed meme coin?
Dogecoin Loses the Ball to Toncoin in Rankings
Dogecoin just lost all its momentum in the one-week range. Not only did the OG meme coin fail to reclaim the $0.20 territory but it also tanked around $0.13.
As of this writing at 4:30 PM UTC on Monday, DOGE is trading at $0.15 with over 1% drop in the 24-hour chart. The same value means more than a 24% dip in the seven-day range and around a 5% slump in the one-month bracket. Despite these, it remains about 71% up in the one-month span.
The current price of Dogecoin has unfortunately dragged down the total valuation of its 143.9 billion circulating supply to $21.94 billion. This allowed Toncoin (TON) to overtake DOGE’s market cap by over a billion and consequently snatch the eighth spot in the cryptocurrency rankings by market cap.
At this rate, it remains to be seen how Dogecoin will move on the technical charts. So far, everything looks bearish from here unless we get a major announcement that will pump its price.
The Silver Lining
The last week of March has been a blast for DOGE holders as the coin sailed above $0.22 and held its ground at $0.20. Despite the announcement of Dogecoin Futures contracts on Coinbase and the 420 event marking the crypto’s annual celebration— coinciding with the Bitcoin (BTC) halving, the lack of other developments in its niche has gradually pulled down its price.
A sliver of hope may be on the way though as blockchain tracker Whale Alert revealed that 150 million DOGE just left the Robinhood exchange last Friday. This should be roughly $26 million on that day and $22.5 million at prevailing rates.
Normally, this would’ve allowed Dogecoin to recuperate its value if not for the spiraling down price of Bitcoin following the wake of Iran’s attack on Israel on Saturday. At that time, BTC bled red candles resulting in an 8% loss below $62K before regaining its footing at $64K hours later.
Naturally, altcoins followed the trajectory of the premier crypto, including DOGE which went to a $0.13 low prior to its recovery to $0.15 after a few hours.
Dogecoin Awaits Announcements from Elon Musk
By now, it’s a proven fact that one of the key movers of DOGE is none other than “The DOGEfather” himself, Elon Musk. The crypto community still holds him for his promise that DOGE will be allowed for Tesla car payments “at some point.”
People are also on the lookout for the transformation of X into an “everything app,” which is expected to support DOGE transactions. Per the last update, the platform has already gained license from 22 US states to operate as a payments portal.