Dogecoin’s Road to $0.20 Challenged by Sell-Off on Robinhood

What’s next for the top dog coin after a nearly $13 million worth sell-off on Robinhood?

DOGE is shocked by being on Robinhood land.
Created by Kornelija Poderskytė from DailyCoin
  • Major crypto player pours 95M DOGE to Robinhood, leaving investors on edge.
  • Dogecoin regains over $1 billion trading volume on Derivatives amid 99.9% hike.
  • Unable to reclaim $0.20 since April 9, Dogecoin succumbs to an 8% 7-day deficit.

In a single transaction recorded on the blockchain at nearly 3 AM on June 17, 2024, one major crypto player deposited 95,000,000 DOGE on Robinhood. The popular American retail crypto platform consequently received an influx of DOGE worth $12,893,842.

The massive transaction has piqued the interest of blockchain analysts, as Robinhood is known to keep over $7 billion worth of DOGE in custody on behalf of its clients.

Are Dogecoin’s Sell-Off Struggles Real?

While DOGE’s liquidity books on Spot don’t impose an imbalance, Derivatives traders observed a series of massive liquidations. With $1.28 million long positions liquidated over the past 24 hours, Dogecoin’s downward spiral carries on with another 3% drop. On the other hand, Dogecoin’s trading volume saw a 99.9% upswing on Derivatives, breaching the $1 billion mark.

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Notably, Binance’s crypto traders are the most bullish on DOGE’s future, with long position holders exceeding short-sellers more than four times. These long DOGE position traders are likely following the logic of crypto analysts such as Kevin, who informed his audience in the early hours of Monday, June 17, 2024, that the “weekly price action on #Dogecoin is starting to look oddly familiar.”

The upper fractal shows a resemblance to DOGE’s price movement during the previous bull cycle. Depicted in an orange circle, the similar fractals suggest “a bounce off the bear market lows”, according to the crypto analyst. Upon further research, DailyCoin found out that the theory holds strength with DOGE trading in a support cluster of 5.69B DOGE coins.

In a bullish scenario, Dogecoin’s push above $0.139 would ease the selling pressure, as the next resistance line offers 4.95B DOGE tokens between 140.11K wallets, with over 80% being in profit. However, the bears can further expand Dogecoin’s distance from the $0.20 price target in case of continuing multi-million sell-offs. 

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As of press time, DOGE is changing hands at $0.135, according to CoinGecko.

On the Flipside

  • Beth Kindig, a highly reputable investor with a publicly trackable portfolio, warned her audience about the high concentration risks associated with Dogecoin on Robinhood.
  • These include transaction revenue growth and trading volume, as April and May’s month-over-month drops in trading volume correlate to Dogecoin’s sluggish volume.

Why This Matters

Getting 36.3M monthly visits, Robinhood plays a key role in providing crypto services for the American part of the DOGE Army, while simultaneously expanding into the European Union (EU).

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.