A staggering 155,000,000 Dogecoin, valued at nearly $24.6 million, was moved to the popular trading platform Robinhood within the past 13 hours. Blockchain tracker Whale Alert confirmed the transaction, stating: “155,000,000 DOGE worth $24,611,763 transferred from unknown wallet to Robinhood.”

The sudden influx of DOGE has sparked speculation in the crypto community. Typically, such large deposits into an exchange indicate an intent to sell. However, the transfer could also represent internal reshuffling or reallocation of funds by a whale or institution.

DOGE Price Spikes with Market Recovery

This transfer closely followed a notable upswing in Dogecoin’s price. The broader crypto market staged a relief rally after last weekend’s sharp sell-off. During early Asian trading hours on Tuesday, most digital assets traded in the green, with Dogecoin leading the charge.

Related article: Dogecoin Transaction Worth $30M Signals Potential Whale Sell-Off

DOGE surged by 10% at one point, hitting an intraday high of $0.1677. At press time, CoinMarketCap reported a 24-hour gain of 7%, pushing the price to $0.163. This rally reversed the trend that had dominated Dogecoin’s chart for nearly two weeks.

From Decline to Recovery: DOGE Price Analysis

Dogecoin has struggled since hitting a peak of $0.206 on June 11. For the past 12 days, DOGE recorded only two green candles. On Monday, the price bounced after touching Sunday’s support low of $0.142, triggering a swift recovery.

_{DOGE price chart: Tradingview}

Now, the $0.17 level poses a key resistance. If sellers reject the upward move, DOGE may fall below $0.14. A break under this level could drag the memecoin toward $0.10. On the other hand, if bulls push the price above $0.17, Dogecoin may rally toward the 50-day Simple Moving Average (SMA) at $0.19. Still, sellers are likely to defend that level, maintaining the DOGE price within a tight range between $0.14 and $0.21.

Related article: Dogecoin Hits Daily Low of $0.1643 Amid Market Pressure

With a whale-sized DOGE deposit now on Robinhood, traders are watching closely. Whether it leads to a sell-off or remains a dormant balance, the price action around $0.17 will be the next major clue.