Wells Notice Wallop: Robinhood Bleeds 164 Million Dogecoin In Mass Exodus
09 Mai 2024 - 4:00PM
NEWSBTC
The Shiba Inu’s reign as king of memecoins may be facing a ruff
patch. Dogecoin (DOGE) prices dipped this week after news broke of
the US Securities and Exchange Commission (SEC) issuing a Wells
Notice to Robinhood, a popular crypto exchange. The notice, a
precursor to potential enforcement action, alleges Robinhood
violated multiple securities laws. This sent shockwaves through the
crypto community, with many investors, particularly those holding
large amounts of DOGE (often nicknamed “whales”), pulling their
funds out of Robinhood. Related Reading: $20 On The Horizon For
XRP? Unpacking A Potential 650x Surge And What It Means The most
significant outflow involved a whopping 164 million DOGE, worth
roughly $25 million at the time, being transferred out of the
exchange. This mass withdrawal by a whale investor likely
contributed to the market jitters surrounding DOGE. 🚀🐕 Another 164M
$DOGE, worth $25M, have been transferred out of Robinhood. These
transactions occurred after the platform received a Wells notice
from the SEC. #DOGE #Robinhood #CryptoNews Source: MartyParty
pic.twitter.com/oKxW1S8pTD — Bitcoinsensus (@Bitcoinsensus) May 8,
2024 DOGE Price Wobbles: Short-Term Blues Or Long-Term Woof? The
price of DOGE tumbled 5.8% in the 24 hours following the Robinhood
news. However, analysts caution against a knee-jerk reaction. While
the legal troubles undoubtedly cast a shadow on Robinhood, the DOGE
outflow, including the 164 million transfer, might not be the sole
culprit behind the price dip. Transferring cryptocurrency from an
exchange to a personal wallet is often seen as a bullish move,
indicating an intention to hold for the long term. Dogecoin And
Bitcoin: A Tale Of Two Blockchains Another factor influencing
DOGE’s price is its tight correlation with Bitcoin (BTC). Both
currencies operate on the Proof of Work (PoW) consensus mechanism,
which some see as outdated compared to newer, energy-efficient
models. The recent pullback in the broader crypto market,
especially in Bitcoin, likely played a role in dragging DOGE down
as well. DOGE market cap currently at $20.7 billion. Chart:
TradingView.com Rocky Road To $0.20? DOGE Faces Support Hurdle DOGE
enthusiasts were eyeing a price target of $0.20, but the recent
drop presents a roadblock. The memecoin dipped below the crucial
$0.15 support level, raising concerns about a further decline.
Analysts point to a potential support zone between $0.143 and
$0.146, but a fall below that could trigger a more significant
price correction. Bullish Signs Amidst The Dip Despite the
short-term pessimism, there are glimmers of hope for DOGE. The buy
orders for DOGE currently outweigh sell orders by a significant
margin, suggesting continued investor interest. Related Reading:
Forget The Price Dip: Ethereum Network Activity Hints At Imminent
Takeoff Additionally, the memecoin’s Relative Strength Index (RSI)
sits at a neutral 47, indicating there’s room for new buyers to
enter the market. Furthermore, DOGE managed to maintain a weekly
price increase despite the daily drop, hinting at underlying
resilience. Doge Day Delayed, But Not Doomed The coming weeks will
be crucial for Dogecoin. The outcome of Robinhood’s legal battle
with the SEC and DOGE’s ability to regain lost ground will
determine its short-term trajectory. However, long-term forecasts
for the memecoin remain cautiously optimistic. Featured image from
Yahoo Finance, chart from TradingView
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