Dogecoin has suffered a 30% drop after seeing a 90% drop since Elon Musk hit all-time high
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- Anon Whale transferred 250 million DOGE, Robinhood receives half
- DOGE down 30%, since ATH minus 90%
The largest meme cryptocurrency, DOGE, is down by a massive 30% over the past 24 hours, but has already begun a slow recovery.
While this massive drop in prices occurred, someone moved around 250 million Dogecoins; A little over half of that amount went to Robinhood.
Anon Whale transferred 250 million DOGE, Robinhood receives half
The @DogeWhaleAlert account that tracks large transfers of Dogecoin has seen two transactions, each containing over 100 million of this canine cryptocurrency.
The two DOGE bales contained 110,614,220 and 139,261,848 meme coins worth $8,497,274 and $11,625,997. The second transfer of Dogecoin was sent to the popular Robinhood trading app that allows customers to invest in stocks and crypto—Bitcoin, Ethereum, Solana, DOGE, Shiba Inu, Bitcoin Cash and many other popular coins.
I
139,261,848 $DOGE ($11,625,997 USD) from an unknown wallet a . was transferred to #Robin Hood purse.
Fee: 0.756 ($0.063 USD)
TeX: https://t.co/ADkdxMqG32#DogecoinWhaleAlert #whale alert #dogecoin #crypto news
— ogecoin whale alert (@DogeWhaleAlert) 11 May 2022
The service allows customers to store, deposit and withdraw digital currencies using a local cryptocurrency wallet; These were implemented earlier this year.
Robinhood now has 40,998,170,618 DOGE on behalf of its customers, as reported by U.Today on Wednesday. This is an analog of $4,390,002,113 and is 30.90% of the circulating DOGE supply.
DOGE down 30%, since ATH minus 90%
In the past 24 hours, Dogecoin has lost 30% of its price, falling from $0.160 to $0.0723, Bitcoin’s drop to $27,000 and Terra’s UST lost its dollar peg.
However, the coin has slowly started to reclaim its losses, rising 9.47% at press time. DOGE is now changing hands on the Binance exchange at $0.0793.
DOGE is down 90% from its all-time high on May 8 last year. Subsequently, the meme coin soared to $0.7376 after Elon Musk called himself “The Dogfather” on Twitter and then debuted on Saturday Night Live (SNL).
However, the appearance of the millionaire Tesla boss on US TV provoked a massive sale of the token, and it fell to $0.45 three days later.
Musk has been a longtime fan of Dogecoin, often mentioning the coin in his tweets, driving up the price. However, over time, these tweets began to have little or only a short-term effect on the price of Dogecoin.
In January 2022, the Tesla e-car giant began accepting Meme Coin as payment for selected merchandise in its online shop. Musk commented on that, saying it was an experiment and he’d see how it goes.