Dogecoin (the most well-known meme cryptocurrency) has fallen 30% within the last 24 hour, but it has started to rebound.
During this huge price drop, someone moved approximately 250 million Dogecoins. Robinhood received less than half.
Robinhood Is Possible With Whale Dogecoin
One transaction totaling over 100 million Dogecoins was discovered by the @DogeWhaleAlert Account, which tracks large Dogecoin transactions.
Two DOGE lumps totalled 110,614,220, 139,261,848 me coins and $8,497.274 respectively. Robinhood, a trading program that lets users invest in stocks and crypto like Bitcoin, Ethereum. Solana. Shiba Inu. Bitcoin Cash. The second Dogecoin payment came via Robinhood.
🐕🪙🐋🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨
139,261,848 $DOGETransferred from an unknown wallet ($11,625,997 US) to a #Robinhood wallet.
Fee: 0.756 ($0.063 USD)
Tx: https://t.co/ADkdxMqG32#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews
— Ðogecoin Whale Alert (@DogeWhaleAlert) May 11, 2022
Following Bitcoin’s slide to $27,000 and Terra’s UST losing its dollar peg, Dogecoin has lost 30% of its value in the last 24 hours, plunging $0.160 to $0.0723.
The coin is now recovering some losses and has risen 9.47 percent to the press release. DOGE currently trades at $0.0793 in Binance.
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DOGE Plummets Since Musk’s Endorsement
DOGE’s historic May 8th high of $0.7376 has seen it drop 90%. Following Elon Musk’s declaration of himself as “The Dogefather” on Twitter and subsequent appearance on Saturday Night Live, the meme coin rocketed to $0.7376. (SNL).
DOGE/USD fell 90% after Musk's appearance on SNL. Source: TradingView
The Tesla CEO Elon Musk’s presence on American TV triggered an enormous selloff and the token fell to $0.45 just three days later.
Musk is a long-time supporter of Dogecoin. He frequently promotes it via tweets, and boosts its value. As time went by, however, the Dogecoin prices began to decline.
In January 2022, Tesla (the electric car manufacturer) began to accept the meme coin for payment in its online shop. Musk replied that it was an experiment, and that it would be interesting to see what happens.
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Featured Image from UnSplash. Chart by TradingView.com