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Dogecoin (DOGE) Whales Make Impactful Purchases
Dogecoin (DOGE) has seen a boost in activity and price following the Robinhood Wallet announcement. Whales in the crypto market have also been making significant purchases of DOGE. This suggests potential growth for the meme coin in the near future.
The crypto market has been on an upward momentum since the beginning of the year, with Bitcoin and other altcoins experiencing significant gains. However, Dogecoin (DOGE), the leading meme coin, has seen a more limited increase in price with a 26% increase since the beginning of the year. However, recent activity on the crypto market has shown an increase in Dogecoin's price following the announcement of support for DOGE on the Robinhood Wallet. In this article, we will discuss the recent activity in Dogecoin's price and market, the community's reaction to the Robinhood announcement, and the actions of the whales in the Dogecoin market.
Dogecoin Price and Market Movement
The price of Dogecoin has increased by over 7% in the past 7 days following the announcement of support for DOGE on the Robinhood Wallet. The crypto market has been on an upward momentum since the beginning of the year, with Bitcoin gaining 38% in the past 24 days and altcoins like Aptos (APT) and Threshold (T) increasing by over 250%. However, Dogecoin's price increase is relatively limited, with only a 26% increase since the beginning of the year. After the announcement from Robinhood, Dogecoin's price saw increased volatility and on-chain data from WhaleAlert shows that whales have purchased over 500 million DOGE in the past two days, including a single whale that purchased 165 million DOGE alone.
Dogecoin Community and Robinhood
Dogecoin has a strong Reddit user base and there was once a significant rift between the community and Robinhood. In the past, the platform faced backlash from retail investors after it halted trading on certain stocks during the GameStop incident. This led to thousands of negative reviews on the Google Play Store and the platform's plans for an initial public offering in the US were put on hold.
However, Robinhood is now showing specific interest in Dogecoin transactions. The platform's announcement of support for DOGE on its wallet has excited the Dogecoin community, and the price of the coin has seen increased activity as a result. Despite past issues, Robinhood's announcement has brought renewed attention to Dogecoin and its potential for growth.
Whale Activity in the Dogecoin Market
On-chain data from WhaleAlert shows that whales have been buying significant amounts of Dogecoin in recent days. In the past two days, whales have purchased over 500 million DOGE. The largest Dogecoin whale alone purchased 165 million DOGE. Additionally, the top 20 Dogecoin whales have transferred approximately 150 million DOGE, worth around 13 million dollars, in the past 24 hours. This significant activity from the whales in the market suggests a bullish sentiment for the future of Dogecoin.
In conclusion, the recent activity in the Dogecoin market, including the announcement of support for DOGE on the Robinhood Wallet and the actions of the whales, suggests that the meme coin may have more potential for growth in the near future. Despite past issues with the platform, the Dogecoin community has shown renewed excitement and interest in the coin following the Robinhood announcement. The significant activity from the whales in the market also suggests a bullish sentiment for the future of Dogecoin.