The Dogecoin (DOGE) community has been stunned by a massive transfer. More than 119 million DOGE, according to Whale Alert, were transferred from an unknown crypto wallet to Robinhood. Carried out almost 13 hours ago, this transfer is estimated to be worth around $11.7 million.

Such large transfers are always crucial for market movements. Robinhood is one of the most popular and widely used trading platforms among the meme coin community. Trading activities on the platform have historically resulted in major impacts on the market.

Notably, Robinhood witnessed a 224% surge in its Q1 notional crypto trading volume. Estimated to be around $36 billion, this rise in volume exceeded the previous year’s levels. Moreover, the total revenue of the American company rose to a whopping $618 million, a huge 40% year-over-year increase.

As a key player in the crypto space, developments related to Robinhood influence the market. Today’s DOGE transfer is likely a sell-off, and it is expected to inject bearish sentiment onto the market. The amount transferred is significant, and it appears that large holders are triggering selling pressure.

Dogecoin price crumbles

The largest meme coin on the market is currently struggling to keep its pace. As of now, DOGE is trading at $0.09629, after a decrease of 2.87% in the last 24 hours. The meme coin has added another zero to its price, which is a super negative sign for traders. The broader outlook is also bearish as the DOGE price is down 10.05% over the last month.

This negative sentiment is seen across the market as there was yet another crypto crash today. The total crypto market cap has now fallen to $1.99 trillion, after a 3.6% decrease in the last 24 hours. It failed to hold above the prestigious $2 trillion market, showing increasing trouble for the community.