A massive 120 million Dogecoin whale washed up on the Robinhood cryptocurrency market today, raising questions about how the price of DOGE will go moving forward.
A whale is shown dumping large quantities of the dog-themed meme coin, Dogecoin, against the backdrop of its recent price increase. This has caused quite a stir within the cryptocurrency community. Today, May 18, an unidentified whale unloaded an astounding 120 million DOGE tokens into the Robinhood exchange, according to on-chain data that has surfaced in the market.
Since this move, traders in the cryptocurrency space are speculating about the future price trajectory of DOGE since they see this dump as a worse than ideal development. This is a thorough analysis of the market data for Dogecoin as of right now, along with the factors that have prompted cryptocurrency investors to become wary of this commodity.
Investors are concerned about the 120M DOGE whale transfer
An on-chain analytics platform called Whale Alert reported that the unknown address DDuXG has dumped 120 million DOGE, or $18.55 million, to the Robinhood cryptocurrency exchange. Significantly, DOGE has recently seen a rise in price, which suggests that the wallet address may be engaging in profit-taking activities.
The same address was discovered to have amassed 226 million DOGE from Robinhood last month, when DOGE was trading close to the $0.13 price level, according to further research. Given that the price is presently at $0.15, this highlights the noteworthy gains made by the cryptocurrency whale with the aforementioned move.
The address still holds about half of the total amount of DOGE, and traders on the cryptocurrency exchange voiced optimism about Dogecoin’s future price movement. Concurrently, Dogecoin traded positive even though it faced significant selling pressure as a result of the aforementioned move.
DOGE price soars
As of this writing, Dogecoin is trading at $0.1561, having increased 3.65% in the previous day. Its 24-hour high, $0.1569, and low, $0.1495, are the respective values.
With major token dumps on exchanges, the biggest meme cryptocurrency by market capitalization, which is currently valued at $1.10 billion, has resisted projections of a price decline. This has led to conjectures on the possibility of profit margins for investors from meme-based investment products.
Coinglass statistics revealed that DOGE’s OI increased by 7.06% to $869.93 million, but derivatives volume decreased by 7.10% to $1.44 billion. The data presents a varied picture of investor sentiment, which may be attributed to speculative trading. This further adds to the uncertainty surrounding the token’s future price swings.
Additionally, the asset is neither overbought or oversold, as shown by the relative strength index (RSI), which was trading close to 52.
Check Out the Latest Prices, Charts, and Data of DOGE/USDT
Hong Kong introduces individual e-CNY wallets for cross-border payments
On Friday, Hong Kong became the first area outside of China’s mainland to let users create digital wallets and store China’s CBDC e-CNY, also referred to as the digital yuan.
Permanent residents and foreign nationals residing in Hong Kong can now create e-CNY wallets using their local mobile phone numbers with four significant state-owned banks in mainland China, according to a statement released by the city’s central bank, the Hong Kong Monetary Authority (HKMA).
Hong Kong residents and expats can now open e-CNY wallets
The Bank of China, the Bank of Communications, the China Construction Bank, and the Industrial & Commercial Bank of China are the authorized banks with the license to assist in the opening of the CBDC wallet.
HKMA and People’s Bank of China have expanded the scope of the e-CNY pilot in Hong Kong.
Key benefits for HKers: 📱Open e-CNY wallets with HK mobile number 🏦Top up e-CNY wallets via FPS provided by 17 HK banks🛍️Use e-CNY to make retail payments in the Mainland pilot cities pic.twitter.com/SF5GxJXp8H
— HKMA 香港金融管理局 (@hkmagovhk) May 17, 2024
“Unlike conventional digital wallets, the e-CNY wallet has the full endorsement of the People’s Bank of China,”Howard Lee, the Hong Kong Monetary Authority (HKMA) Deputy Chief Executive, emphasizes.
He continued by saying that the main goal of the digital yuan is to give citizens of Hong Kong a “secure and practical option for cross-border payments” when they visit the Greater Bay Area integration zone, which is made up of Macao, Hong Kong, and nine Guangdong province towns.
Remember that in order to promote cross-border payments, the Chinese central bank intends to extend the digital yuan to Hong Kong, as reported by Crypto News in January 2024.
But the merchants in Hong Kong are worried. They think that mainland cities like Shenzhen, where eating and retail are major industries, have higher demand for mobile payments, which may cause consumption to shift outside of the city.
With certain restrictions, some 300 businesses in Hong Kong currently take e-CNY payments. There are limits on individual wallet balances of ¥10,000 ($1,380), ¥2,000 for single purchases, and ¥50,000 for yearly expenditure.
Hong Kong’s Faster Payment System (FPS), which has been connected with the e-CNY payment infrastructure, allows people to top off their wallets.
The HKMA plans “big move” towards yuan internationalization
Gary Ng, senior economist at Natixis Hong Kong, called the development in favor of the yuan’s internationalization “a huge leap compared to the previous.” He anticipates that as time goes on, more businesses will use the technology.
The People’s Bank of China recently revealed data showing that as of the end of June 2023, the total amount of domestic transactions made possible by the digital yuan reached an astounding 1.8 trillion yuan (about $249 billion). More than 120 million individual e-CNY digital wallets have been established worldwide, with over 29 million of those wallets being opened in Suzhou, which has resulted in a spike in usage.
Even with these increases, a large number of employees actively transfer their e-CNY into fiat money, demonstrating a definite preference for hard currency. Chinese workers are reluctant to utilize CBDC because of privacy issues and a perceived lack of value.