• Dogecoin has fallen 22% prior to now 24 hours as a result of market-wide sell-off.
• One whale moved 177K DOGE tokens price $11 million to Robinhood.
• Robinhood applied a 24-hour buying and selling halt for shares and cryptocurrencies.

Dogecoin (DOGE), the world's largest meme coin by market cap and one of many best-performing digital property in the course of the 2021 crypto bull market, has been comparatively quiet within the present cycle as buyers look like shedding confidence in altcoins. In response to Whale Alert, 117,528,741 DOGE tokens, price $11 million, had been transferred to crypto buying and selling platform Robinhood, a bearish occasion.

In response to a submit by Whale Alert's X (previously Twitter), 117K DOGE tokens had been transferred to Robinhood on August 5 at 01:52:43 UTC for a charge of three.156 DOGE ($0.29). Such giant transfers to centralized exchanges like Robinhood typically sign an impending sell-off as holders could also be trying to liquidate their holdings throughout a bear market.

In the meantime, Robinhood suspended buying and selling for twenty-four hours following crypto market volatility and pre-market actions in U.S. shares, however the DOGE transfers had been made earlier than the suspension, doubtless giving whales ample time to dump their holdings.

Dialog on X reported that giant buyers are panic promoting after Dogecoin, the ninth-largest digital asset within the cryptocurrency business, crashed 22% prior to now 24 hours, in keeping with information from CoinMarketCap. DOGE buying and selling quantity has surged 155.26% and now stands at $1.87 billion, confirming that merchants are offloading the token in anticipation of additional declines.

Previously seven days, Dogecoin has crashed almost 40%, beginning the week at a excessive of $0.1347 and now buying and selling at $0.08273. Moreover, the main meme coin is down 88.4% from its all-time excessive of $0.7376 recorded on Could 8, 2021. Additionally it is vital to notice that DOGE is up 12.83% since August of final 12 months.

In response to the chart under offered by TradingView, Dogecoin has shaped bearish candlesticks for 10 consecutive days, confirming a downtrend within the brief time period as promoting quantity continues to surge.

The Relative Power Index (RSI) is exhibiting a worth of 24.39, indicating that promoting strain is excessive and Dogecoin is at the moment in an oversold situation. The slope of the road means that the value is declining, however it could be a superb time to enter the market.