Dogecoin (DOGE), leading meme coin, is dropping back to where it was before the weekend

Dogecoin (DOGE) has been down around 11% in the past 24 hours. As the fall began, an anonymous whale allegedly shifted a whopping 200 million Dogecoin from a Robinhood wallet.

Dogecoin erases weekend gains after “Tesla phone pump”

DOGE price soared by roughly 15% between Friday and Saturday. One of the reasons for that was likely Elon Musk’s tweet, in which he stated that he would make an “alternative phone” should Twitter bump into problems with app stores for Android and iOS apps.

The DOGE community decided this is another potential opportunity for the global adoption of the meme coin, making it “the people’s crypto,” as Elon Musk referred to it in February 2021. The community has already called this potential smartphone from Musk a “Tesla phone.” Besides, Musk, who has long been a passionate supporter of DOGE, has mentioned his intention to integrate Dogecoin into Twitter several times as one of the payment options to reward content-makers.

However, over the past two years, Elon Musk’s tweets have started losing their “pushing power” for the price of Dogecoin, and if the intention to launch an alternative smartphone with a new OS was the key driver, it did not last long.

Roughly 18 hours ago, popular tracking service Whale Alert spread the word about a transfer of 200 million DOGE made between “unknown” wallets. This amount of meme coins was evaluated at $20,872,621 when the transaction was made, and it was conducted for a fee of 1.9 DOGE, which is $0.19. In the comment thread, Twitter user @Zangermeister stated that he had found out the details of this transaction; he claimed that the 200 million DOGE was withdrawn from the popular brokerage platform Robinhood to an anonymous crypto address.

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