The Dogecoin DOGE/USD community observed significant activity among whales, as they transferred vast quantities of the meme coin in the last 24 hours.
This flurry of activity coincided with a 19.4% decline in DOGE's price on Friday, prompting speculation that these anonymous whales might seize the opportunity to buy the dip.
According to Whale Alert, there were three substantial transactions totaling 374 million DOGE, valued at approximately $55.8 million.
Notably, two large withdrawals of 150 million and 100 million DOGE were made from the popular trading app Robinhood, while an additional 74 million DOGE was deposited back into the platform.
These movements raise questions about the intentions behind the transfers, whether for selling purposes or long-term storage on Robinhood, which is recognized for holding a significant portion of DOGE's circulating supply.
Also Read: Forget Dogecoin And Shiba Inu — This Meme Coin Has Surged Nearly 70% In Just 24 Hours
The decline in Dogecoin's price reflects a broader correction in the cryptocurrency market, mirroring Bitcoin's sudden 7% drop.
This market turbulence resulted in over $300 million worth of crypto liquidations across various platforms.
Despite the downturn, Dogecoin has managed to recoup some of its losses. It is currently trading at $0.1708 on the Binance exchange, marking a 6.71% recovery.
Now Read: Dogecoin Set to Surge Over 200%, Says Crypto Analyst: 'It's Going To Do Something Insane This Cycle'
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