{"id":607201,"date":"2024-05-09T14:00:24","date_gmt":"2024-05-09T14:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=607201"},"modified":"2024-07-12T04:26:33","modified_gmt":"2024-07-12T04:26:33","slug":"wells-notice-wallop-robinhood-bleeds-164-million-dogecoin-in-mass-exodus","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/wells-notice-wallop-robinhood-bleeds-164-million-dogecoin-in-mass-exodus\/","title":{"rendered":"Wells Notice Wallop: Robinhood Bleeds 164 Million Dogecoin In Mass Exodus"},"content":{"rendered":"

The rule of the Shiba Inu over memecoins might be experiencing a rough patch. Prices of Dogecoin (DOGE) dropped this week following word of the US Securities and Exchange Commission (SEC) sending a Wells Notice to well-known cryptocurrency exchange Robinhood.<\/span>
\n<\/span><\/p>\n

Alleging violations of several securities laws, the notification, a forerunner of possible enforcement action, claims Robinhood breached The crypto industry was rocked by this as many investors\u2014especially those with significant DOGE (commonly known as “whales)\u2014pulled their money out of Robin Hood.<\/span>
\n<\/span><\/p>\n

Related Reading: $20 On The Horizon For XRP? Unpacking A Potential 650x Surge And What It Means<\/a><\/div>\n

The most significant outflow involved a whopping 164 million DOGE, worth roughly $25 million at the time, being transferred out of the exchange. This mass withdrawal by a whale investor likely contributed to the market jitters surrounding DOGE.<\/p>\n

\n

\ud83d\ude80\ud83d\udc15 Another 164M $DOGE<\/a>, worth $25M, have been transferred out of Robinhood.<\/p>\n

These transactions occurred after the platform received a Wells notice from the SEC. #DOGE<\/a> #Robinhood<\/a> #CryptoNews<\/a><\/p>\n

Source: MartyParty pic.twitter.com\/oKxW1S8pTD<\/a><\/p>\n

\u2014 Bitcoinsensus (@Bitcoinsensus) May 8, 2024<\/a><\/p><\/blockquote>\n

DOGE Price Wobbles: Short-Term Blues Or Long-Term Woof?<\/strong><\/h2>\n

DOGE dropped 5.8%<\/a> in the 24 hours following the Robinhood news. Analyzes warn against a hasty response, nevertheless. Although the legal issues surely cloud Robinhood, the DOGE outflow\u2014including the 164 million transfer\u2014may not be the only factor behind the price drop.<\/span>
\n<\/span><\/p>\n

Transferring cryptocurrency from an exchange to a personal wallet is often seen as a bullish move, indicating an intention to hold for the long term.<\/p>\n

Dogecoin And Bitcoin: A Tale Of Two Blockchains<\/strong><\/h2>\n

DOGE’s price also varies in direct proportion to Bitcoin (BTC). Operating on the Proof of Work (PoW) consensus method, both currencies some view as antiquated in comparison to more modern, energy-efficient versions.<\/span>
\n<\/span><\/p>\n

The recent pullback in the broader crypto market, especially in Bitcoin, likely played a role in dragging DOGE down as well.<\/p>\n

<\/p>\n

DOGE market cap currently at $20.7 billion. Chart: TradingView.com<\/a><\/pre>\n
Rocky Road To $0.20? DOGE Faces Support Hurdle<\/strong><\/h3>\n
Although DOGE aficionados were aiming for $0.20, the latest decline creates a challenge.<\/span> The memecoin fell below the critical $0.15 support level, which sparked worries about a further drop still.
\n<\/span><\/p>\n
Analysts point to a potential support zone between $0.143 and $0.146, but a fall below that could trigger a more significant price correction.<\/p>\n
Bullish Signs Amidst The Dip<\/strong><\/h3>\n
Though there is temporary gloom, DOGE has some hope.<\/span> DOGE’s buy orders now clearly exceed sell orders by a sizable margin, implying ongoing investor interest.
\n<\/span><\/p>\n
Related Reading:  Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff<\/a><\/p>\n
Furthermore, the memecoin’s Relative Strength Index (RSI) comes out as a neutral 47, suggesting that fresh purchasers could find place on the market.<\/span> Moreover, DOGE kept a weekly price gain in spite of daily decline, suggesting underlying resilience.
\n<\/span><\/p>\n
Doge Day Delayed, But Not Doomed<\/strong><\/h3>\n
For Dogecoin, the next weeks will be absolutely vital. Robinhood’s legal struggle with the SEC and DOGE’s capacity to reclaim lost territory will decide its short-term course. Long-term memecoin projections, however, remain rather positive.<\/p>\n
Featured image from Yahoo Finance, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
The rule of the Shiba Inu over memecoins might be experiencing a rough patch. Prices of Dogecoin (DOGE) dropped this week following word of the US Securities and Exchange Commission (SEC) sending a Wells Notice to well-known cryptocurrency exchange Robinhood. Alleging violations of several securities laws, the notification, a forerunner of possible enforcement action, claims Robinhood breached The crypto industry was rocked by this as many investors\u2014especially those with significant DOGE (commonly known as “whales)\u2014pulled their money out of Robin Hood. Related Reading: $20 On The Horizon For XRP? Unpacking A Potential 650x Surge And What It Means The most significant outflow involved a whopping 164 million DOGE, worth roughly $25 million at the time, being transferred out of the exchange. This mass withdrawal by a whale investor likely contributed to the market jitters surrounding DOGE. \ud83d\ude80\ud83d\udc15 Another 164M $DOGE, worth $25M, have been transferred out of Robinhood. These transactions occurred after the platform received a Wells notice from the SEC. #DOGE #Robinhood #CryptoNews Source: MartyParty pic.twitter.com\/oKxW1S8pTD \u2014 Bitcoinsensus (@Bitcoinsensus) May 8, 2024 DOGE Price Wobbles: Short-Term Blues Or Long-Term Woof? DOGE dropped 5.8% in the 24 hours following the Robinhood news. Analyzes warn against a hasty response, nevertheless. Although the legal issues surely cloud Robinhood, the DOGE outflow\u2014including the 164 million transfer\u2014may not be the only factor behind the price drop. Transferring cryptocurrency from an exchange to a personal wallet is often seen as a bullish move, indicating an intention to hold for the long term. Dogecoin And Bitcoin: A Tale Of Two Blockchains DOGE’s price also varies in direct proportion to Bitcoin (BTC). Operating on the Proof of Work (PoW) consensus method, both currencies some view as antiquated in comparison to more modern, energy-efficient versions. The recent pullback in the broader crypto market, especially in Bitcoin, likely played a role in dragging DOGE down as well. DOGE market cap currently at $20.7 billion. Chart: TradingView.com Rocky Road To $0.20? DOGE Faces Support Hurdle Although DOGE aficionados were aiming for $0.20, the latest decline creates a challenge. The memecoin fell below the critical $0.15 support level, which sparked worries about a further drop still. Analysts point to a potential support zone between $0.143 and $0.146, but a fall below that could trigger a more significant price correction. Bullish Signs Amidst The Dip Though there is temporary gloom, DOGE has some hope. DOGE’s buy orders now clearly exceed sell orders by a sizable margin, implying ongoing investor interest. Related Reading: Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff Furthermore, the memecoin’s Relative Strength Index (RSI) comes out as a neutral 47, suggesting that fresh purchasers could find place on the market. Moreover, DOGE kept a weekly price gain in spite of daily decline, suggesting underlying resilience. Doge Day Delayed, But Not Doomed For Dogecoin, the next weeks will be absolutely vital. Robinhood’s legal struggle with the SEC and DOGE’s capacity to reclaim lost territory will decide its short-term course. Long-term memecoin projections, however, remain rather positive. Featured image from Yahoo Finance, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":607209,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1785,7,85699,12380],"class_list":["post-607201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-doge","tag-dogecoin","tag-memecoin","tag-robinhood"],"acf":[],"yoast_head":"\nWells Notice Wallop: Robinhood Bleeds 164 Million Dogecoin<\/title>\n<meta name=\"description\" content=\"The rule of the Shiba Inu over memecoins might be experiencing a rough patch. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Wells Notice Wallop: Robinhood Bleeds 164 Million Dogecoin In Mass Exodus","url":"http:\/\/wncen.com\/news\/wells-notice-wallop-robinhood-bleeds-164-million-dogecoin-in-mass-exodus\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/wells-notice-wallop-robinhood-bleeds-164-million-dogecoin-in-mass-exodus\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/A_127b7d.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/A_127b7d.jpg?fit=640%2C360"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["doge","dogecoin","memecoin","robinhood"],"dateCreated":"2024-05-09T14:00:24Z","datePublished":"2024-05-09T14:00:24Z","dateModified":"2024-07-12T04:26:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Wells Notice Wallop: Robinhood Bleeds 164 Million Dogecoin In Mass Exodus\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/wells-notice-wallop-robinhood-bleeds-164-million-dogecoin-in-mass-exodus\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/wells-notice-wallop-robinhood-bleeds-164-million-dogecoin-in-mass-exodus\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/A_127b7d.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/A_127b7d.jpg?fit=640%2C360\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"doge\",\"dogecoin\",\"memecoin\",\"robinhood\"],\"dateCreated\":\"2024-05-09T14:00:24Z\",\"datePublished\":\"2024-05-09T14:00:24Z\",\"dateModified\":\"2024-07-12T04:26:33Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/A_127b7d.jpg?fit=640%2C360","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/607201"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=607201"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/607201\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/607209"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=607201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=607201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=607201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}