Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ALTCOIN NEWS»Robinhood saw massive Dogecoin outflows following the Wells announcement.
ALTCOIN NEWS

Robinhood saw massive Dogecoin outflows following the Wells announcement.

By Crypto FlexsMay 9, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Robinhood saw massive Dogecoin outflows following the Wells announcement.
Share
Facebook Twitter LinkedIn Pinterest Email
  • The Securities and Exchange Commission targeted Robinhood on May 4, 2024.
  • Crypto whale cashes out 164M DOGE as Robinhood’s series of outflows increase.
  • Dogecoin fell below the important support level of $0.15 despite increased trading volume.

Robinhood, a leading U.S. cryptocurrency exchange, recently received a Wells Notice from the Securities and Exchange Commission (SEC). The SEC’s action on May 4 sparked complaints. That’s because the notice included an advisory to the Commission to file enforcement action against Robinhood for allegedly violating several securities laws.

164 Million DOGE Exited From Problematic Exchange

Meanwhile, large cryptocurrency investors took this as a warning sign and began withdrawing money from the popular California-based exchange. Interestingly, Dogecoin (DOGE), the leading dog memecoin, got caught up in this vortex due to millions of dollars worth of DOGE withdrawals from the platform. One giant DOGE whale cashed out 164 million DOGE a few hours ago, converting it into $25 million by the end of trading hours.

Following this incident, DOGE fell 5.8% in the last 24 hours. However, it is difficult to attribute the recent price drop to the Robinhood outflow, as moving cryptocurrencies from exchanges to self-managed wallets is generally advantageous for the cryptocurrency in question.

Dogecoin has also shown a very high price correlation with Bitcoin (BTC) because both Dogecoin and Bitcoin operate on the same proof-of-work (PoW) consensus. They are the only two cryptocurrencies included in the top 10 by global market capitalization with such a mechanism.

Learn more

Dogecoin’s decline: teetering on the brink of new heights?

DOGE faces serious obstacles on the road to its $0.20 price target. It fell below the $0.15 support level and was at risk of falling into a relatively smaller support bubble. The price range between $0.146 and $0.162 has a volume of 9.33 billion DOGE from 229.61K cryptocurrency addresses.

On-chain data from IntoTheBlock shows that the narrower price range between $0.143 and $0.146 hosts 50.23K cryptocurrency addresses with a total trading volume of 2.77B. A retracement of Dogecoin at this price level could send DOGE down for a stronger support cluster.

We will hold this line and see if we can get another rise. Weekly charts are calling for higher levels. The same goes for monthly charts, and almost certainly quarterly charts.

I believe all this decline is noise and shaking… pic.twitter.com/ACkQQkeDA7

— Coach 𝕏д (@thedogecoach) May 8, 2024

According to experienced cryptocurrency trader The DOGE Coach, considering the weekly close above $0.162, the potential for Dogecoin to restore the $0.17 price range in the middle of its long-term target of $0.20 is enormous. At press time, DOGE had fallen 5.8% over the past 24 hours to trade at $0.1488, reducing its weekly gain to 20%.

Wednesday’s cryptocurrency market decline did not put additional selling pressure on the top dog coin, as bids for Dogecoin were more than $14 million higher than asked. Additionally, the relative strength index (RSI) of the meme coin is relatively neutral at 47, suggesting that a new wave of new DOGE holders is likely.

On the flip side

  • While Dogecoin’s trading volume in the spot market has surpassed $1 billion in the last 24 hours, a massive plunge in activity in the derivatives market has contributed to DOGE’s price decline on Wednesday.

Why This Matters

Dogecoin is a long-term TOP 10 contender by global market capitalization and largest proof-of-work (PoW) blockchain, excluding King Crypto Bitcoin (BTC).

Discover popular cryptocurrency stories from DailyCoin:
Cartier heir caught laundering cryptocurrency from 100KG cocaine bust.
Buy Cryptocurrency Without KYC: Introducing the Best No-KYC Cryptocurrency Exchanges in 2024

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

SEI tokens have soared more than 100% in June -the highest catalyst explained.

June 26, 2025

$ 438m XRP Transfer Sparks Panic- Ripple?

June 19, 2025

Solana Price Eyes 103% Rally $ 300: Here is the reason.

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Earns $9,800 Per Day With BTC Breaks Through $107,000, GoldenMining Global Market.

June 27, 2025

Why Bakkt Holdings can buy Bitcoin with a $ 1 billion increase

June 27, 2025

NVIDIA RTX strengthens FITY’s AI -centered innovation in Cooler Design.

June 27, 2025

Join Earn Mining To Mine Easily And Earn $7752 A Day

June 26, 2025

Bitcoin prices return to green -building exercise for more profits

June 26, 2025

Weed® Announces Partnership With Khalifa Kush; Launches Global Commercialization

June 26, 2025

GBM Launches Auction Festival With The Sandbox, Aavegotchi, Unstoppable Domains, And More

June 26, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025
Most Popular

Imbue CEO Kanjun Qiu discusses the future of AI agents.

December 18, 2024

Andre Cronje extends the transaction to 16,000+ and says ‘Golden Standard’ of Layer-2.

January 30, 2025

Ethereum Foundation Considering Official Conflict of Interest Policy After Community Backlash

May 25, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.