Dogecoin has faced 30% fall after seeing 90% collapse since Elon Musk-pumped all-time high
The largest meme cryptocurrency, DOGE, has plummeted a massive 30% in the past 24 hours but has begun a slow recovery already.
While this massive price fall took place, someone moved roughly 250 million Dogecoins; slightly more than half of that sum went to Robinhood.
Anon whales shift 250 million DOGE, Robinhood receives half
The @DogeWhaleAlert account that tracks big transfers of Dogecoin has spotted two transactions, each exceeding 100 million of this canine cryptocurrency.
The two DOGE lumps carried 110,614,220 and 139,261,848 meme coins worth $8,497,274 and $11,625,997. The second transfer of Dogecoin was sent to the popular Robinhood trading app that allows customers to invest in both stocks and crypto—Bitcoin, Ethereum, Solana, DOGE, Shiba Inu, Bitcoin Cash and several other popular coins.
139,261,848 $DOGE ($11,625,997 USD) was transferred from an unknown wallet to a #Robinhood wallet.
Fee: 0.756 ($0.063 USD)
Tx: https://t.co/ADkdxMqG32#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews
— Ðogecoin Whale Alert (@DogeWhaleAlert) May 11, 2022
The service allows customers to use local cryptocurrency wallets for storing, depositing and withdrawing digital currencies; these were implemented earlier this year.
As reported by U.Today on Wednesday, Robinhood now holds 40,998,170,618 DOGE on behalf of its clients. That is an analogue of $4,390,002,113 and is 30.90% of the circulating DOGE supply.
DOGE down 30%, minus 90% since ATH
Over the past 24 hours, Dogecoin has lost 30% of its price, dropping $0.160 to $0.0723, following the plunge of Bitcoin to $27,000 and Terra’s UST losing its dollar peg.
However, the coin has begun to slowly regain its losses, rising 9.47% at press time. DOGE is now changing hands at $0.0793 on Binance exchange.
DOGE has dropped 90% from its historic peak reached on May 8 last year. Back then, the meme coin soared to $0.7376, following Elon Musk calling himself “The Dogefather” on Twitter and then debuting on Saturday Night Live (SNL).
However, the appearance of the centibillionaire Tesla boss on American TV provoked a massive selloff of the token, and it fell to $0.45 three days later.
Musk has been a long-standing fan of Dogecoin, often mentioning the coin in his tweets, pumping the price. However, with time, these tweets started to have little or only a short-term effect on the Dogecoin price.
In January 2022, Tesla e-car giant started accepting the meme coin in its online shop as payment for selected merchandise. Musk commented on that, saying that it was an experiment and he would see how it goes.