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Robinhood's transfer of 70 million Dogecoin to Coinbase, worth $30.62 million, has sparked discussions across crypto markets. Concurrently, Bernie Sanders has joined forces with Elon Musk's D.O.G.E initiative, boosting investor confidence and anticipation of a potential rally.
Robinhood Transfers 70 Million Dogecoin to Coinbase
Findings from Whale Alert indicate that Robinhood has transferred 70 million Dogecoin, with a market value of around $30.62 million, to Coinbase.
Market participants are now debating the possible consequences of this development as well as the reasons behind this decision. In addition, the price of DOGE fell by about 3% after the news broke, suggesting that investors are trading with caution as they wait for more information about the development.
At the same time, this follows a strong surge for the leading dog-themed meme coin. Furthermore, investor interest in the meme coin industry has grown, which is good news for the market. Elon Musk's Department of Government Efficiency (D.O.G.E.) also put cryptocurrency in the limelight.
Donald Trump’s Role in the D.O.G.E Initiative
Bear in mind that DOGE, the abbreviation of the most popular meme coin, looks a lot like the new corporation that Donald Trump is planning to launch. Investors are taking notice of Trump's announcement that Musk and Vivek Ramaswamy will head the agency.
However, market talks have been prompted by the upcoming meeting between Musk and Ramaswamy and Republican House and Senate members this week. The meme coin Dogecoin's price has risen sharply due to increased interest and Elon Musk's prior support of the cryptocurrency.
Bernie Sanders Endorses Elon Musk’s Vision for D.O.G.E
Elon Musk's plan to reduce government spending via D.O.G.E. has received support from Senator Bernie Sanders as well. The senator's statement that "Elon Musk is right" demonstrates his support for the self-made billionaire. "The Pentagon" has failed its seventh consecutive audit, according to him.
After Robinhood's large transfer, the price of DOGE fell nearly 4% today, trading at $0.4116. Nonetheless, the coin's trading volume increased by 103% to $11.72 billion, suggesting heavy trading activity.
A 24-hour high of $0.4602 was achieved by the meme currency, revealing the extremely unpredictable market situation. The fact that DOGE Futures Open Interest remained relatively flat further points to a lack of enthusiasm in the market.
Crypto Experts Predict Bullish Rally for DOGE/BTC Pair
But that didn't dampen the optimism of many in the cryptocurrency world on the future of the asset class. Importantly, the cryptocurrency's value has increased by almost 160% in the past 30 days, Coingape shares.
This is happening at the same time as Elon Musk has been posting a lot about D.O.G.E. on social media, the cryptocurrency market as a whole is rising, and Donald Trump has won the election.
In the meantime, well-known crypto market specialist Ali Martinez has predicted that DOGE/BTC would have a strong rally, which is adding gasoline to the fire. Martinez reiterated the bullish prediction in a recent X post, suggesting that the DOGE/BTC pair might have a surge of up to 2400%.
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