A Monday Elon Musk tweet about Dogecoin (CRYPTO: DOGE) failed to generate any significant traction this time around, prompting the crypto community to signal cautionary moves in the meme coin.

What Happened: The "Dogefather" took to his X account to tease a shoutout to the meme coin but failed to stage a price rally in turbulent market conditions.

According to data from Whale Alert, 300 million DOGE was transferred from Robinhood to an unknown wallet over the past 24 hours, spread across two transactions. In the first transaction, 150 million DOGE was transferred from Robinhood to an unknown wallet, and in the second transaction, another 150 million DOGE was transferred between the same wallets.

The same wallet has been receiving substantial amounts of Dogecoin in recent days. On April 13, it received 350 million and 34.6 million DOGE, while on April 12, it received 150 million and 46.3 million DOGE. Additionally, on April 8, the wallet collected 89.6 million DOGE. This unknown wallet now holds a staggering 2.5 billion Dogecoin, worth approximately $388.8 million.

Also Read: Dogecoin Down 25% In Past Week, But 'If You Get A Chance To Buy It In The High $0.10s, Buy It,' Says Trader

Why It Matters: Despite Dogecoin's 20% freefall in prices over the past week, IntoTheBlock data highlights a surge in transactions greater than $100,000, with 934 transactions as of April 15, up from 649 transactions on April 14. Moreover, the meme coin continues to generate profits for 83% of its holders.

In the past 24 hours, total exchange inflows and outflows have witnessed an increase, while daily active addresses have widened by 7.3% to 61,780.

Crypto trader BitLuxe, in a recent tweet, termed the current trading price as the critical support level for Dogecoin.

What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

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