- Whales continue withdrawing DOGE from Robinhood, DOGE fetches 2.5%.
- On-chain metrics showcase a long-term holder resurgence for DOGE.
- DOGE loses bearish constraints, but is yet to break the $0.15 resistance.
The top dog meme coin Dogecoin (DOGE) continues the uphill battle towards the long-term price target of $0.20, last seen on April 8, 2024. While the brutally bearish price trend over the past 30 days has sent DOGE back to $0.12 on May 1, 2024, DOGE managed to recoup some of the monthly losses this Friday, picking up 2.5% gains over the past 24 hours.
More DOGE Gets Pulled Out Of Robinhood
The bullish price trend switch for DOGE came after the continuation of whale withdrawals from Robinhood. The popular American crypto exchange is facing legal scrutiny from the Securities and Exchange Commission (SEC), which issued a Wells Notice to the company’s headquarters at Menlo Park, California.
Two days after the Wells Notice issuance on May 4, 2024, one Dogecoin whale had transferred 164 million DOGE, equivalent to $25 million, out of the troubled Robinhood exchange. The whale outflows continued in smaller amounts as well, as Dogecoin’s trading volume topped $1 billion in a 24-hour timeframe on May 8, 2024.
Currently, Dogecoin’s trading volume in spot markets is back above $1 billion, while another crypto whale transferred a hefty 120,000,000 Dogecoins DOGE out of Robinhood, piling up to over $18 million at the current exchange rate. Conducted minutes after midnight on May 10, 2024, this transfer can be labeled as an accumulation move.
After further investigation by DailyCoin, it was discovered that the receiving crypto wallet now holds a whopping 1,922,284,865 DOGE, summing up to $288.4 million, according to the wallet statement from Blockchair, a popular blockchain explorer.
Dogecoin Thrives On Loyal Holder Support
Meanwhile, Dogecoin’s on-chain metrics are pointing to a positive shift among long-term investors, as the cryptocurrency wallets holding DOGE for over a year have substantially increased. While the long-term DOGE holder count has spiked by 26% since last month, there are now more long-term holders than cruisers, according to blockchain analytics firm IntoTheBlock.
By definition, a crypto cruiser is someone who holds the cryptocurrency between 1 and 12 months, while a crypto trader is someone who trades cryptocurrency on a daily basis, therefore only crypto holders who sell during the first month qualify under that category.
With both DOGE cruisers and daily traders dropping, it could be understood that Dogecoin’s holders are shifting from quick gain expectations to accumulating Dogecoin (DOGE) as a long-term investment solution. As of press time, DOGE is changing hands at $0.1477, sliding down from the daily heights of $0.1535 recorded minutes after midnight on May 10, 2024.
On the Flipside
- Dogecoin’s liquidations in derivatives markets have piled up to $2.94 million over the latest 24-hour period, despite a relatively narrow price range.
Why This Matters
Dogecoin’s holder base has continued to grow since 2021, despite the meme coin having significantly less publicity than during the 2021 crypto boom.
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