Whales Shuffle 767 Mln Coins Via Robinhood, What’s Next?

In a shocking curation development witnessed today, May 7th, the Dogecoin whale has once again made headlines, moving nearly 767 million coins amidst the Doge price decline. In parallel with Robinhood receiving a Wells Notice from the US SEC (Securities and Exchange Commission), a large amount of DOGE tokens shuffled from crypto exchanges has caused a stir in the broader crypto market.

These large whale trades follow notable gains that Dogecoin has recently noted, primarily due to Tesla accepting DOGE as a payment method. Overall, this chronicle has sparked speculation among crypto market participants about future price movements, as DOGE’s price trajectory indicates a notable decline today.

Whale’s Shuffle, 767 million DOGE via Robinhood: Report

According to insights streamlined by Whale Alert, 767 million DOGE was collectively moved through four large trades in the past 24 hours. Most of these trades represented accumulations of DOGE tokens, but a huge dump ruined these accumulations.

In particular, the data focuses on three DOGE accumulations by unknown addresses, representing 79.18 million, 123.81 million, and 163.92 million DOGE tokens. On the other hand, 400 million DOGE was transferred to Robinhood by an unknown address, creating contrasting sentiments regarding future Dogecoin price movements.

These trades have attracted further attention after Robinhood received a Wells Notice from the U.S. SEC, meaning regulators plan to take enforcement action against Robinhood’s crypto business for violating securities laws. ing. Elon Musk’s Tesla also recently integrated Dogecoin as a payment method, but only through the DOGE wallet, further fueling speculation about the potential motive for these transactions.

Also read: Bitcoin ETF inflows remain strong as Wall Street looks forward to Fed rate cuts

dogecoin price slip

Meanwhile, DOGE’s price trajectory showed a pullback, deepening the mystery of the world’s largest meme token by global market capitalization. Dogecoin was trading at $0.1554, down 5.27% in price over the past day.

Taken together, the above data paints an uncertain picture about the future price trend of dog-themed meme tokens, but Tesla’s acceptance of DOGE could be an optimistic development for the token in the long term. be.

Short-term fluctuations in DOGE prices could become more pronounced as derivatives data suggests mixed sentiment in the market. dogecoin While open interest decreased by 7.69%, derivative trading volume increased by 30.14%.

Nevertheless, it is also worth noting that crypto market participants are expecting further huge profits from DOGE, further supported by the post-halving rally of BTC.

Also read: Crypto prices today, May 7: Solana, XRP bucks market trends, Bitcoin and Ethereum fall

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