The meme coin Dogecoin has seen a surge in investor interest and price increases. This resurgence comes after a period of downturns in the broader crypto sphere.
A staggering movement of 200 million Dogecoins from Robinhood to an unknown wallet has sparked DOGE’s recent upward price movement.
Following this, Dogecoin’s value crossed the $0.18 mark on Saturday, fueling speculation about its potential to reach the $1 milestone.
At the time of writing, DOGE was trading at $0.1831, up by almost 7% in the last 24 hours.
According to Whale Alert, the DOGE movement was carried out in two transactions totaling approximately $35.45 million.
100,000,000 #DOGE (17,771,289 USD) transferred from #Robinhood to unknown wallethttps://t.co/aGFP71LF36
— Whale Alert (@whale_alert) April 5, 2024
The wallet gathered 199.27 million DOGE through two transactions within the last 24 hours. The initial transaction involved the acquisition of 100 million DOGE, valued at $17.77 million, sourced from Robinhood.
99,278,179 #DOGE (17,682,842 USD) transferred from #Robinhood to unknown wallethttps://t.co/m46QE6eTnE
— Whale Alert (@whale_alert) April 5, 2024
The crypto community has been excited about Dogecoin’s resilience and its implications for future market movements. The recent transactions have notably contributed to a bullish sentiment among investors and analysts alike.
With the upcoming Bitcoin halving event, many in the crypto space are closely watching meme coins like Dogecoin, anticipating possible price rallies similar to Bitcoin’s post-halving performances.
Last week, the meme coin, often championed by Elon Musk, saw a remarkable $800 million increase in open interest within three days. The price of Dogecoin surged by 35%, hitting a weekly high of $0.17.
The news came as Musk’s X Payments LLC, a social media offshoot of his X motif (X.com, SpaceX, xAI), expanded its operational footprint by securing money transmitter licenses in three additional states: New Mexico, Oregon and Illinois.
