Robinhood Markets, Inc. has acquired Pluto Capital Inc., an Artificial Intelligence (AI)-powered investment research platform. Pluto delivers highly-customized investment strategies based on individual customer needs and financial goals. With this strategic move, Robinhood aims to enhance its data-driven investing capabilities. Jacob Sansbury, Pluto’s Founder and CEO, joins Robinhood to integrate AI across their platform. Investors […]
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Shiba Inu Whale Withdraws 2.2 Billion SHIB From Robinhood, Should You Follow The Whales?
Shiba Inu whales are on the move again, sparking speculations on what they expect from the meme coin. One whale, in particular, has caught the attention of the SHIB community following a massive withdrawal from the popular crypto and stock trading exchange Robinhood.
Whale Pulls Out Almost Million From Robinhood
The Shiba Inu whale transactions that have got tongues wagging were first picked up on June 20 by the on-chain whale tracking platform Whale Alert. According to the report, the whale had removed a total of 2,2 billion SHIB from the exchange, which was worth approximately million at the time of this transfer.
The whale moved the coins to an unknown wallet, something that could be bullish for the price. This is because when whales move their coins to exchanges, they intend to sell, which might push the price down due to the selling pressure. However, when whales remove their coins from exchanges, it could mean they don’t plan to sell and are holding for better prices.
In this case, the whale has gone the way of the latter, suggesting accumulation rather than selling. Also, given the sheer volume of coins being withdrawn from the Robinhood exchange, it has removed a significant amount of supply from the open market from now.
However, the whale transaction hasn’t had much of an impact on the price. The SHIB price is still trading under .00002 at the time of this writing, although this presents ample opportunity for these investors looking to get in at cheap prices.
Shiba Inu Still Has Legs
Despite the price decline that has rocked the meme coin in recent times, expectations have not waned as analysts forecast another crypto bull market. One of those who still see a bright future for the meme coin is Shiba Inu marketing lead LUCIE.
According to LUCIE, SHIB is still in a position. Sharing a Wall Street Cheat Sheet, she shows that the meme coin is now in the period just before Optimism. Now, the Wall Street Cheat Sheet shows that this is when investors really begin to believe that the rally is real.
From here, the price is expected to keep going up as investors go through the motions of Belief, then Thrill, and finally Euphoria, before prices start to correct. If LUCIE is right, then the real rally is yet to begin and the Shiba Inu price could go so much higher.
At the time of writing, the SHIB price is struggling to reclaim the .000018 support from the bears. However, with the Bitcoin price failing to move upward, the weekend could bring further declines for the market.
Robinhood Introduces Crypto Trading API
Robinhood, the popular investment and trading platform, has announced a significant upgrade for its crypto customers in the United States. Users can now leverage Robinhood’s newly introduced Crypto Trading API to view real-time crypto market data, manage their portfolios and account information, and place crypto orders programmatically. “With our new crypto trading API, we’re helping […]
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Robinhood Launches Its First Crypto Staking Product
Robinhood has introduced its first-ever crypto staking product, which will be available to European customers. The company has also launched several other new features for European users. “Robinhood Crypto customers can now stake their solana (SOL) holdings directly through the app, allowing them to earn rewards with the flexibility to unstake at any time,” the […]
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Wells Notice Wallop: Robinhood Bleeds 164 Million Dogecoin In Mass Exodus
The Shiba Inu’s reign as king of memecoins may be facing a ruff patch. Dogecoin (DOGE) prices dipped this week after news broke of the US Securities and Exchange Commission (SEC) issuing a Wells Notice to Robinhood, a popular crypto exchange.
The notice, a precursor to potential enforcement action, alleges Robinhood violated multiple securities laws. This sent shockwaves through the crypto community, with many investors, particularly those holding large amounts of DOGE (often nicknamed “whales”), pulling their funds out of Robinhood.
The most significant outflow involved a whopping 164 million DOGE, worth roughly 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.
Another 164M $DOGE, worth M, 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
— Bitcoinsensus (@Bitcoinsensus) May 8, 2024
DOGE Price Wobbles: Short-Term Blues Or Long-Term Woof?
The price of DOGE tumbled 5.8% in the 24 hours following the Robinhood news. However, analysts caution against a knee-jerk reaction. While the legal troubles undoubtedly cast a shadow on Robinhood, the DOGE outflow, including the 164 million transfer, might not be the sole culprit behind the price dip.
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
Another factor influencing DOGE’s price is its tight correlation with Bitcoin (BTC). Both currencies operate on the Proof of Work (PoW) consensus mechanism, which some see as outdated compared to newer, energy-efficient models.
The recent pullback in the broader crypto market, especially in Bitcoin, likely played a role in dragging DOGE down as well.
Rocky Road To .20? DOGE Faces Support Hurdle
DOGE enthusiasts were eyeing a price target of .20, but the recent drop presents a roadblock. The memecoin dipped below the crucial .15 support level, raising concerns about a further decline.
Analysts point to a potential support zone between .143 and .146, but a fall below that could trigger a more significant price correction.
Bullish Signs Amidst The Dip
Despite the short-term pessimism, there are glimmers of hope for DOGE. The buy orders for DOGE currently outweigh sell orders by a significant margin, suggesting continued investor interest.
Related Reading: Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff
Additionally, the memecoin’s Relative Strength Index (RSI) sits at a neutral 47, indicating there’s room for new buyers to enter the market. Furthermore, DOGE managed to maintain a weekly price increase despite the daily drop, hinting at underlying resilience.
Doge Day Delayed, But Not Doomed
The coming weeks will be crucial for Dogecoin. The outcome of Robinhood’s legal battle with the SEC and DOGE’s ability to regain lost ground will determine its short-term trajectory. However, long-term forecasts for the memecoin remain cautiously optimistic.
Featured image from Yahoo Finance, chart from TradingView
Robinhood Prepares to Fight SEC in Court Over Crypto, CEO Reveals
Robinhood Markets is preparing to fight the U.S. Securities and Exchange Commission (SEC) in court to defend its crypto business and establish “regulatory clarity in the United States for the benefit of our customers,” CEO Vlad Tenev said after his company received a Wells notice from the securities regulator. “The SEC’s continued attack on crypto, […]
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SEC Issues Wells Notice to Robinhood Over Crypto Operations
A report indicates that the U.S. Securities and Exchange Commission (SEC) has issued a Wells Notice to the financial services provider Robinhood. This action by the SEC concerns the company’s operations in the cryptocurrency sector and its listing of crypto assets. SEC Mulls Enforcement Against Robinhood’s Crypto Ventures, Company Says It Is Cooperating The staff […]
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DOGE Price Set For Rebound? Whale Moves $26 Million In Dogecoin Off Robinhood
The price of Dogecoin has been experiencing a significant amount of bearish pressure in the past few days. This recent decline coincides with a general market downturn, which has seen other large-cap assets like Bitcoin and Ethereum tumble with notable losses.
However, the meme coin’s price might not be down for too long, especially after a major investor executed a massive transaction off a centralized exchange. The transfer, which an on-chain data tracker flagged, has sparked speculations in the DOGE community and could be bullish for the meme coin’s price.
Whale Transfers 150 Million Dogecoin From Robinhood
According to data from blockchain transaction tracker Whale Alert, a substantial amount of Dogecoin has made its way off the Robinhood exchange. In the past day, an outgoing transfer of 150 million DOGE tokens, equivalent to more than million, from the crypto trading platform was spotted on the Dogecoin blockchain.
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150,000,000 #DOGE (26,036,962 USD) transferred from #Robinhood to unknown wallethttps://t.co/Z4P1JnNtsb
— Whale Alert (@whale_alert) April 12, 2024
Given the magnitude of this transaction, it appears that a whale was behind this movement of funds. Whales refer to influential entities or individuals that own or hold significant amounts of a particular cryptocurrency in their wallets (Dogecoin, in this case).
Whales are often perceived as major players in the crypto market, as their buying and selling activities can have a substantial impact on a token’s price. As such, their actions can be worth keeping an eye on, especially as they can lead to speculations and potential market shifts.
This particular transfer, where the Dogecoin whale moved their tokens from an exchange wallet to a self-custodial wallet, is known as an “exchange outflow.” Typically, investors move their assets off trading platforms when they intend to hold onto their coins in the long term, indicating their faith in the future promise of the crypto.
Additionally, the movement of funds off exchanges can sometimes be a signal of fresh accumulation, as some investors prefer to withdraw their tokens immediately after purchase. All in all, considering the large-scale nature of the transfer, the latest movement of Dogecoin tokens off Robinhood might be a bullish proponent for the meme coin’s price.
Meme Coins Facing Turmoil?
As of this writing, the Dogecoin price stands at around .1496, reflecting a notable 12% decline in the last 24 hours. The largest meme coin is down by close to 20% on the weekly timeframe, according to CoinGecko data.
However, Dogecoin is not the only meme token to have witnessed this massive downturn in price, as other coins also posted double-digit percentage losses. Notably, the second-largest meme coin, Shiba Inu, is also deep in the red, with an almost 14% price drop in the past day.
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Service Interruptions at Coinbase, Robinhood and Kraken as Bitcoin Soared to $64,000
On Wednesday, bitcoin’s value ascended to the vicinity of ,000, during which time users of Coinbase and Robinhood reported disruptions in service. As of Feb. 28, 2024, Coinbase’s status page indicated the platform was suffering from “degraded performance,” while Robinhood’s clientele voiced their grievances to the platform’s support team. Technical Troubles Shadow Bitcoin’s Climb to […]
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