Dogecoin($DOGE), the world’s biggest meme coin, recently witnessed a sharp rise in its market. Blockchain data tracker Whale Alert revealed that 200 million $DOGEcoins were moved from Robinhood to an unknown wallet.

This move signaled a potential shift in investor sentiment as the $DOGEprice struggles amid broader market volatility.

Dogecoin whale activity intensifies

According to Whale Alerts, the 200,000,000 $DOGEtransferred from Robinhood were valued at about $43.4 million. The receiver address remained unidentified, leaving market watchers to ponder the intention behind the recent activity.

Some market analysts have linked the transaction to an OTC (over-the-counter) transfer that occurs outside of a crypto exchange. Others claim whales are likely reshuffling their funds.

It is important to note that the sender wallet linked to Robinhood is not new. This wallet, "DDuXG…Bruc1," recently transferredover 321 million $DOGEto an unknown wallet.

In a separate transaction, this whale pulled out 180,000,000 $DOGEfrom Robinhood. This transfer, worth a total of $49,997,419 at the time, happened in just one transaction.

Can $DOGEexperience bullish turnaround?

Meanwhile, the price of $DOGEcontinues to trade sideways. In the past 24 hours, $DOGEhas decreased by 3.4% to $0.2184. The trading volume also plummeted 8.8% to $2.12 billion, indicating reduced investors’ interest.

However, the lack of price appreciation is usually typical of accumulation periods. Large movement of tokens from exchanges often suggests holders are planning to hold long-term rather than sell.

If this trend holds, $DOGEprices could rally higher as long as demand remains steady or increases.

Moreover, Dogecoin's open interest recently increased by 5.98%, while trading volume surged 62.12% to $2.49 billion. This rally indicated that $DOGEholders are anticipating an uptick in the coming days, with the current price poised to form a local bottom and rebound basis.