Robinhood Moves 70M Dogecoin As Bernie Sanders Backs Elon Musk’s D.O.G.E

Robinhood has sparked discussions in the market with a hefty Dogecoin transfer. Notably, the leading crypto brokerage platform has moved 70 million DOGE to Coinbase, sparking optimism in the market. However, the market keeps a close eye on crypto, especially after Senator Bernie Sanders backed Elon Musk’s Department of Government Efficiency (D.O.G.E.), fueling market discussions.

Robinhood Moves 70M Dogecoin Sparking Market Optimism

According to Whale Alert data, Robinhood has moved 70 million Dogecoin, worth around $30.62 million to Coinbase. This has sparked discussions in the market over its potential impact or the motive behind the move. Besides, DOGE price also slipped more than 3% following the development, indicating that the investors are trading cautiously, seeking clarity over the development.

Meanwhile, this comes after the leading dog-themed meme coin has noted a robust rally recently. In addition, the shifting focus of investors towards the meme coin sector has also bolstered market confidence. Simultaneously, crypto was also in the spotlight after Elon Musk’s Department of Government Efficiency (D.O.G.E.).

Notably, the short form of the top meme coin, DOGE, resembles Donald Trump’s newly planned organization. Trump has also announced that Musk and Vivek Ramaswamy would lead the department, gaining investors’ attention.

On the other hand, Musk and Ramaswamy are set to meet the Republican House and Senate members this week, which has sparked market discussions. In addition, Elon Musk’s previous backing of Dogecoin has also fueled interest, triggering a robust rally in the meme coin’s price.

Now, Senator Bernie Sanders has also backed Elon Musk and his goal with D.O.G.E. to cut federal spending. Notably, the senator said that “Elon Musk is right”, showcasing his backing for the billionaire entrepreneur. He has also criticized “The Pentagon”, saying that it has failed its 7th audit in a row.

Source: Bernie Sanders, X

What’s Next For DOGE?

DOGE price retreated nearly 4% today after Robinhood’s hefty transfer and exchanged hands at $0.4116. However, its trading volume rocketed 103% to $11.72 billion, indicating high trading activity of the coin. The meme coin touched a 24-hour high of $0.4602, indicating the highly volatile scenario in the market. Besides, DOGE Futures Open Interest also stayed near the flatline, suggesting a muted market interest.

However, despite that, many in the crypto community remained optimistic about the crypto’s future trajectory. It’s worth noting that the crypto has recorded a surge of nearly 160% over the last 30 days. This comes amid Donald Trump’s election win, a broader crypto market rally, and Elon Musk’s series of social media posts regarding D.O.G.E.

Meanwhile, fueling further interest, prominent crypto market expert Ali Martinez said that DOGE/BTC is gearing up for a robust rally. In a recent X post, Martinez shared the bullish forecast, predicting a potential 2400% rally in DOGE/BTC.

Source: Ali Martinez, X

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.