- Robinhood moved over $30 million in Dogecoin (DOGE) to Coinbase, sparking investor optimism for the memecoin.
- This transfer suggests heightened activity and interest in DOGE, potentially leading to higher trading volumes.
- Despite a recent 5% price dip, Dogecoin remains in its second most profitable period ever, with continued investor optimism for 2025.
Trading platform Robinhood appears to be betting big on Dogecoin. Recent reports indicate that the firm is moving a substantial amount of DOGE into an exchange.
Well-known blockchain analysis platform Whale Alert reported that Robinhood moved over $30 million in Doge to Coinbase. While the reason behind this huge transfer is still unclear, investors are optimistic that this could mean good things for the memecoin.
Estimations are this transfer suggests a heightened activity and interest in Dogecoin, potentially leading to higher trading volumes. Furthermore, the recent Dogecoin interest surge has been so strong that Robinhood might be managing its liquidity by transferring assets to another platform with higher trading volume.
However, DOGE price is low on the day. CoinMarketCap data shows that the memecoin slipped 5% over the last 24 hours. The weekly charts still reveal a 5% increase in the last seven days, but overall it appears as if Dogecoin may have stagnated at the +$0.40 margin.
The memecoin is currently trading at $0.42, with a peak at $0.47 on November 23. Dogecoin is effectively trading at its second most profitable period ever, only behind its 2021 all-time highest price of $0.63.
Despite this stagnation, the majority of holders are still looking forward to the next year. With the currency gaining recognition in the White House as Elon Musk aims to implement a new Department of Government Efficiency — or D.O.G.E. — many believe that 2025 will be an exciting year for the currency.
Furthermore, the potential for Dogecoin to play a role in the X payment platform is also a driving factor leading to investor optimism in the shortcoming future.