- The whale continues to withdraw DOGE from Robinhood and DOGE gets 2.5%.
- On-chain indicators show the resurgence of DOGE’s long-term holders.
- DOGE has lost its bearish constraints but has yet to break the $0.15 resistance.
Dogecoin (DOGE), the top dog meme coin, continues its uphill battle towards its long-term price target of $0.20, last seen on April 8, 2024. A brutally bearish price trend over the past 30 days pushed DOGE back to $0.12 in May. January 1, 2024 DOGE clawed back some of its monthly losses this Friday, gaining 2.5% in the last 24 hours.
More DOGEs Get Kicked Out of Robinhood.
DOGE’s bullish price trend reversal comes after continued whale withdrawals from Robinhood. The popular U.S. cryptocurrency exchange is under legal investigation by the U.S. Securities and Exchange Commission (SEC), which issued a Wells notice to the company’s headquarters in Menlo Park, California.
On May 4, 2024, two days after the Wells notice was issued, a Dogecoin whale transferred 164 million DOGE, equivalent to $25 million, from the troubled Robinhood exchange. Whale outflows also continued in small quantities, with Dogecoin trading volume surpassing $1 billion in 24 hours on May 8, 2024.
Currently, the trading volume of Dogecoin on the spot market has surpassed $1 billion, while another crypto whale transferred a massive 120,000,000 Dogecoin DOGE from Robinhood, accumulating up to over $18 million at current exchange rates. This transfer, performed a few minutes after midnight on May 10, 2024, can be classified as a cumulative move.
After further investigation Daily CoinAccording to a wallet statement from popular blockchain explorer Blockchair, the receiving cryptocurrency wallet currently holds a whopping 1,922,284,865 DOGE, totaling $288.4 million.
Dogecoin thrives on loyal holder support
Meanwhile, Dogecoin’s on-chain metrics point to a positive shift among long-term investors, with a significant increase in cryptocurrency wallets holding DOGE for more than a year. According to blockchain analytics firm IntoTheBlock, the number of long-term DOGE holders has surged 26% since last month, but there are now more long-term holders than cruisers.
By definition, a cryptocurrency cruiser is someone who holds cryptocurrency for between 1 and 12 months while a cryptocurrency trader is someone who trades cryptocurrency on a daily basis, so only cryptocurrency holders who sold during the first month fall into that category.
With both DOGE cruisers and day traders falling, it is understandable that Dogecoin holders are shifting from hoping for quick profits to accumulating Dogecoin (DOGE) as a long-term investment solution. As of press time, DOGE is changing hands at $0.1477, down from a daily high of $0.1535, recorded in the minutes since midnight on May 10, 2024.
On the flipside
- Despite the relatively narrow price range, clearings of Dogecoin in the derivatives market reached up to $2.94 million in the last 24 hours.
Why This Matters
Dogecoin’s holder base has continued to grow since 2021, despite the meme coin’s awareness being significantly lower than during the cryptocurrency boom.
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