Dogecoin has faced 30% fall after seeing 90% collapse since Elon Musk-pumped all-time high
The largest meme cryptocurrency, DOGE, has fallen 30% in the past 24 hours, but has already begun a slow recovery.
While this massive price fall took place, someone moved roughly 250 million Dogecoins; slightly more than half of that sum went to Robinhood.
Anon the whales move 250 million DOGE, Robinhood gets half
The @DogeWhaleAlert account that tracks large Dogecoin transfers spotted two transactions, each exceeding 100 million of the 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.
The service allows customers to use local cryptocurrency wallets to store, deposit and withdraw 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%, down 90% from ATH
In the past 24 hours, Dogecoin lost 30% of its price, dropping from $0.160 to $0.0723, following Bitcoin’s fall to $27,000 and Terra’s UST loss.
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 fallen 90% from its all-time high reached on May 8 last year. At the time, the meme coin soared to $0.7376, after Elon Musk called himself “The Dogefather” on Twitter and then debuted 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 longtime fan of Dogecoin, often mentioning the coin in his tweets, driving up the price. However, over time, these tweets began to have little or only a short-term effect on the price of Dogecoin.
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.
