Dogecoin (DOGE) faced a notable downturn following a substantial transfer to Robinhood, where 245 million DOGE, valued at approximately $49.6 million, was moved. This transaction triggered an 8% drop in DOGE’s price within 24 hours, followed by a modest 2% recovery. Currently, DOGE is trading at $0.1964, down from $0.2084 prior to the transfer.
While the reasons for the price decline and the sender’s identity remain unclear, the influx of DOGE to Robinhood suggests potential selling pressure, impacting the coin’s value.
Despite recent volatility, analysts maintain cautious optimism regarding DOGE’s long-term prospects. Despite a consolidation around the $0.20 mark, DOGE’s monthly price is up 20%, signaling resilience. However, market capitalization has dipped to $29 billion, with a 9% decrease in 24-hour trading volumes to $2.2 billion, indicating consolidation.
Some analysts, including Rekt Capital and Mikybull Crypto, foresee potential upside if DOGE successfully breaks above the $0.20 resistance, with targets ranging from $0.30 to more extreme forecasts of $1, $2, $9, or even $40, reflecting previous DOGE cycles.
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