Meme coin forerunner, Dogecoin, opened the week with a new rally amid Robinhood support. Reports reveal that some whales jumped on the positive market sentiment to accumulate DOGE in large numbers, leading to a 5% rally in the last day.
according to WhaleAlert, The Pope bagged over 500 million Dogecoin in the past two days. The tracker revealed that the biggest Dogecoin holders also participated in the accumulation and got almost 165 million DOGE coins.
In addition, the top 20 whales also transferred 150 million Dogecoin tokens worth more than $13 million in the past 24 hours.
Robinhood Plans To Add Support For Dogecoin
Robinhood Market has a huge impact on the financial and crypto markets. The zone-free trading platform offers initial rollouts of the new wallet to 10,000 users in September 2022. The mobile wallet application will allow users to trade and send cryptocurrencies and NFTs.
According to announcement, the wallet will be available to over 1 million waiting users. But the wallet did not appear to have initial support for DOGE, causing concern in the meme coin community. However, the Robinhood platform guaranteed the Dogecoin community is working hard to ensure that the wallet app will support Dogecoin as soon as possible.
Meanwhile, major trading app Robinhood already supports Dogecoin. In August 2021, the platform announced that DOGE generated up to 62% of the company’s revenue in the second quarter of the year. Since then, Dogecoin has given Robinhood more revenue than Bitcoin and Ethereum.
One feature of the wallet that will greatly benefit crypto users is the zero network fee for cryptocurrency trading. That explains why the market sentiment is so positive about the news of the company’s Dogecoin support.
Data shows that wallet addresses linked to Robinhood have the most important DOGE tokens. For example, the Robinhood wallet named DPDLBA is the largest holder of Dogecoin, 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, about 5.14% of the total supply.
The top 100 and 500 biggest BSC whales are also making the move. As data from WhaleStats, DOGE emerged as the top 10 tokens bought among 100 BSC whales in the past day. In addition, memecoin also appeared among the 500 largest BSC whales.
DOGE Price Surges – Is There Hope For Another Rally?
Amid the accumulation of whales, DOGE coin price up 3.4% in the past 24 hours. It is currently trading at $0.9001 with a low of $0.8604 and a high of $0.9289. Technical and social sentiment indicators suggest a slight upward move towards $0.095 over the next few days. However, given the current market conditions, a rise above $0.1 seems unlikely.
However, the meme coin has seen some good days since January. It has been in an upward trend over the past week, with a price 14 days an increase of 21.8%.
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