According to blockchain tracker Whale Alert, a market participant sent 100 million Dogecoin [DOGE] from Robinhood to an unidentified wallet..
Decreasing velocity suggested that the coin might climb towards $0.25 in a few monthsRobinhood is a trading platform where users can exchange their cryptocurrencies for fiat. In most cases, inflows into the platform come with a motive to sell. However, since the coins went out to a non-exchange wallet, it is possible that the intention is toFor Dogecoin, AMBCrypto cannot yet confirm what the end result could be.
If the metric continues to climb, then DOGE’s value might fall. On the contrary, the coin’s velocity flashed a different signal, with the same having a value of 1.49.A high velocity for a cryptocurrency indicates solid economic activity. In this instance, holders are spending a lot of their coins. However, a decrease, like in DOGE’s situation, suggests a reluctance to spend.
In the short-term, a rising circulation might draw DOGE below $0.15. However, if the velocity remains low in the coming months, DOGE’s price could rally andAMBCrypto also assessed Dogecoin’s correlation with Bitcoin. This was done to check if DOGE’s price might follow BTC’s direction over the next few weeks.between both cryptocurrencies is 0.94. This metric ranges from -1 to +1. A value close to -1 shows almost no correlation while the other shows strong similar movement.
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