A significant quantity of Dogecoin (DOGE-USD) was moved over the weekend. On-chain and crypto wallet tracker Whale Alert had a busy weekend, posting about the hundreds of millions of DOGE moving to and from Robinhood (NASDAQ: HOOD), Binance, and other unknown wallets.
Whale Activity Highlights
Since last Friday, several high-volume transactions have caught the attention of the crypto and memecoin community, particularly those trading Dogecoin. Some of the largest transactions include:
- April 12: 150 million Doge were transferred from Robinhood to an unknown wallet.
- April 12: 74 million Doge were moved to Robinhood from an unknown wallet.
- April 13: A massive transaction of 350 million Doge was moved from Robinhood to an unknown wallet.
- April 13: 600 million Doge were transferred to Binance from an unknown wallet.
- April 14: 100 million Doge were deposited into Robinhood from an unknown wallet.
- April 14: Another 99 million Doge were moved to Robinhood from an unknown wallet.
These movements are very interesting given the timing and the platforms involved. Analysts have mixed opinions on the reason for such large moves. Analysts who are bearish think that when Dogecoin is transferred to an exchange (in-flows), it’s likely being sent there to be sold. On the other hand, those who are bullish believe that when DOGE is moved from an exchange to a non-exchange wallet (out-flows), it indicates that people are planning to hold onto it for the long term.
However, there are some other analysts who believe these massive transfers may be related to large institutional ‘block’ orders or the transfers to exchanges may be nothing more than ensuring there is sufficient liquidity in the event of a spike in trading volume.
Dogecoin’s Price Action Over the Weekend
Exchange transfers weren’t the only big moves happening for Dogecoin. From a technical analysis and price action perspective, DOGE got hammered over the weekend like the majority of the crypto market.
On Friday, Dogecoin was lower by as much as -16.86% before recovering and closing the day with a -10.36% loss. Saturday wasn’t any better—it was, in fact, worse. At one point, DOGE was down nearly -25%, but it ended up closing Saturday lower by -11.96%.
Sunday saw a muted recovery, with a +6.07% gain. However, Dogecoin is still down 18.21% from last Friday’s open.
Don’t let crypto give you a run for your money. Track coin prices here
