Whale Moves Over 117 Million DOGE to Robinhood During Market Sell-Off

• Whale Alert detected 117,528,741 DOGE transferred to Robinhood for liquidation.
• Over $1 billion was liquidated from the crypto market in 24 hours.

The crypto market, which had been recovering since the beginning of 2024, is now facing a significant sell-off, sending most cryptocurrencies into the deep red zone. This drop is reminiscent of a nightmare for investors.

The meme coin sector, which is generally buzzing with activity and frequently moves in opposite directions to the broader market, has not been spared from this huge sell-off, and Dogecoin (DOGE) is no exception.

As major assets like Bitcoin (BTC) and Ethereum (ETH) have plummeted, Dogecoin has also experienced a steep decrease in recent days. DOGE is currently trading at $0.08748, down 18.00% over the last 24 hours. This dip has seen DOGE fall below the critical support level of $0.10, raising concerns among its enthusiasts.

Whale Alert Detects Massive Dogecoin Transfer to Robinhood

During this price decrease, Whale Alert noticed a large transaction involving the meme token. A total of 117,528,741 DOGE, worth $11.007 million, were transferred from an unknown wallet to the Robinhood exchange for liquidation. This massive dump has likely worsened the sell-off in Dogecoin.

117,528,741 #DOGE (11,007,044 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/kSXuqsl3op

— Whale Alert (@whale_alert) August 5, 2024

To make matters worse, CNF recently reported that $1 billion had been liquidated from the cryptocurrency market over the last 24 hours. This large liquidation has also forced Robinhood, the exchange through which the whale transferred the funds, to suspend operations for the next 24 hours. This dramatic step emphasizes the gravity of the current market crisis.

Several causes have influenced the massive withdrawal of cash from risky assets, including cryptocurrency. Hiking interest rates in Japan and the possibility of a cut rate in the United States are among the key factors in this large-scale withdrawal.

These economic upheavals have created an environment of uncertainty, prompting investors to sell their holdings in risky markets like cryptocurrency.

On a more positive note, CNF previously highlighted the upcoming release of Dogecoin Core 1.14.8, which prioritizes repeatability and network security. This progress demonstrates that, despite the current unfriendly and severe market conditions, the project is nevertheless devoted to long-term growth.