The forerunner of the Meme coin, Dogecoin, opens the week with a new rally amid support from Robinhood. Reports reveal that several whales took advantage of the positive market sentiment to accumulate massive amounts of DOGE, triggering a 5% rally in the past day.
According to whale alert, The whales bagged over 500 million Dogecoin in the last two days. The tracker revealed that the largest Dogecoin holder also participated in the hoarding and bagged almost 165 million DOGE coins.
Furthermore, one of the top 20 whales also transferred 150 million Dogecoin tokens worth more than $13 million in the last 24 hours.
Robinhood plans to add support for Dogecoin
Robinhood Market is very influential in both the financial and crypto markets. The zoneless trading platform made initial rollouts of its new wallet to 10,000 users in September 2022. The mobile wallet app would allow users to trade and send cryptocurrencies and NFTs.
According to the advertisement, the wallet would be available to more than 1 million waiting users. But the wallets did not appear with the initial support of DOGE, which raised concerns among the meme coin community. However, the Robinhood platform sure the Dogecoin community who are working hard to ensure that the wallet app supports Dogecoin soon.
Meanwhile, Robinhood’s main trading app already supports Dogecoin. In August 2021, the platform revealed that DOGE generated up to 62% of the company’s revenue in the second quarter of the year. From then on, Dogecoin gave Robinhood more revenue than Bitcoin and Ethereum.
One of the features of the wallet that would greatly benefit cryptocurrency users is the network’s zero fee for cryptocurrency trading. That explains why market sentiment turned positive around the news of the company’s Dogecoin support.
The data shows that Robinhood-linked wallet addresses contain the most important DOGE tokens. For example, a Robinhood wallet called DPDLBA is the largest Dogecoin holder, with almost 25.21% of the total supply. It has 34.76 billion Dogecoin worth $3.1 billion, while the second largest holder has 7.08 billion DOGE, around 5.14% of the total supply.
The largest 100 and 500 BSC whales are also making a move. According to data from whale statistics, DOGE emerged as the top 10 most bought tokens among the 100 BSC whales in the last day. In addition, the memecoin coin also appeared among the largest BSC 500 whales.
DOGE Price Surges: Any Hope for More Rallies?
Amidst the accumulation of whales, DOGE coin price it rose 3.4% in the last 24 hours. It is now trading at $0.9001 with a low of $0.8604 and a high of $0.9289. Technical and social sentiment indicators suggest a slight move higher to $0.095 over the next few days. But, given the current market conditions, a rise above $0.1 seems unachievable.
However, the meme coin has seen some good days since January. It has had an upward trend in recent weeks, with a 14 day price increase of 21.8%.
Featured image from The Pigeon Express
