Dogecoin, the precursor to the meme coin, opens the week with a new rally amid support from Robinhood. Reports suggest that several whales pounced on positive market sentiment to accumulate large amounts of DOGE, sparking a 5% rally yesterday.
According to wheel alert, In the last two days, the wheels have packed more than 500 million Dogecoin. The tracker revealed that the largest holder of Dogecoin also participated in the hoarding and received around 165 million DOGE coins.
In addition, a top 20 wheel also moved 150 million Dogecoin tokens worth over $13 million in the last 24 hours.
Robinhood plans to add support for Dogecoin.
Robin Hood Market is very influential in both financial and crypto markets. The Zone Free trading platform gave an initial rollout of its 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 AnnouncementThe wallet will be available to more than 1 million waiting users. But the wallets didn’t appear with initial support for DOGE, causing concern in the meme coin community. However, the Robinhood platform Assured Dogecoin community that they are working hard to ensure that the wallet app will support Dogecoin soon.
Meanwhile, Robinhood’s main trading app already supports Dogecoin. In August 2021, the platform revealed that DOGE accounted for 62% of the firm’s revenue in the second quarter of the year. Until then, Dogecoin gave Robinhood more revenue than Bitcoin and Ethereum.
One of the features in the wallet that will greatly benefit crypto users is the zero network fee for cryptocurrency trading. This explains why market sentiment around the news of the firm’s Dogecoin support turned positive.
Data shows that wallet addresses linked to Robinhood hold the most important DOGE tokens. For example, a Robinhood wallet called DPDLBA is the largest Dogecoin holder, with about 25.21% of the total supply. He holds 34.76 billion Dogecoin worth $3.1 billion, while the second largest holder holds 7.08 billion DOGE, which is about 5.14% of the total supply.
The top 100 and 500 largest BSC wheels are also moving forward. According to data from Wheel Status, DOGE emerged as the top 10 bought token in the 100 BSC wheel in the past days. In addition, memecoin coins are also among the top 500 largest BSC wheels.
DOGE Price Rise – Is There Any Hope for Further Rallies?
Between wheel assemblies, DOGE Coin Price 3.4% increase in last 24 hours. It now trades at $0.9001 with a low of $0.8604 and a high of $0.9289. Technical and social sentiment indicators suggest a slight upside move to $0.095 in the next few days. But, given the current market conditions, a rise above $0.1 seems unattainable.
However, the meme coin has seen some good days since January. It has been on an upward trend over the past weeks, with a 14 days worth An increase of 21.8 percent
Featured image of The Pigeon Express
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