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Meme coin precursor Dogecoin opens the week with another rally amid Robinhood support. Reports reveal that several whales jumped on the positive market sentiment to accumulate massive amounts of DOGE, triggering a 5% rally on the last day.

According to whale alert, Whales have bagged over 500 million Dogecoins in the past two days. The tracker revealed that the largest Dogecoin holder also participated in the buildup and pocketed almost 165 million DOGE coins.

Additionally, a top 20 whale also transferred 150 million Dogecoin tokens worth over $13 million in the past 24 hours.

Robinhood plans to add Dogecoin support

Robinhood Market is highly influential in both the financial and crypto markets. The zoneless trading platform gave the first deployments of its new wallet to 10,000 users in September 2022. The mobile wallet app would allow users to trade and send cryptocurrencies and NFTs.

According to announcement, the wallet would be available for more than one million waiting users. But the wallets did not appear with the initial support of DOGE, causing concern within the meme coin community. However, the Robinhood platform insured the Dogecoin community that they are working hard to ensure that the wallet app would support Dogecoin soon.

Meanwhile, Robinhood’s main trading app already supports Dogecoin. In August 2021, the platform revealed that DOGE generated up to 62% of the company’s revenue in the second quarter of the year. From then on, Dogecoin gave Robinhood more revenue than Bitcoin and Ethereum.

One of the features of the wallet that would greatly benefit crypto users is the lack of network fees for cryptocurrency trading. This explains why market sentiment turned positive around the news of the company’s Dogecoin support.

The data shows that the wallet addresses linked to Robinhood contain the most important DOGE tokens. For example, a Robinhood wallet named DPDLBA is the largest holder of Dogecoin, with almost 25.21% of the total supply. It owns 34.76 billion Dogecoins worth $3.1 billion, while the second-largest holder owns 7.08 billion DOGE, or about 5.14% of the total supply.

The 100 and 500 largest BSC whales also move. According to data from WhalesStats, DOGE emerged as the top 10 tokens bought among the 100 BSC whales in the past day. Furthermore, the memecoin coin also appeared among the top 500 BSC whales.

DOGE Price Surge – Is There Hope For More Rallies?

Amidst the accumulation of whales, the price of DOGE coins rose 3.4% in the past 24 hours. It is now trading at $0.9001 with a low of $0.8604 and a high of $0.9289. Technical and social sentiment indicators suggest a slight upward move to $0.095 over the next few days. But, given the current market conditions, a rise above $0.1 seems unattainable.

Whales bag 500 million Dogecoin, will DOGE approach the $0.1 mark?
DOGE gains momentum on the daily candle l DOGEUSDT on Tradingview.com

However, the coin meme has seen good days since January. It has been trending up in recent weeks, with a 14 day rate jump of 21.8%.

Image featured by The Pigeon Express





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