Dogecoin jumped about 6% after a large transfer of 203.6 million DOGE, worth roughly $20.1 million, was sent from an unknown wallet to Robinhood during a volatile trading session.
On-chain data from Whale Alert showed the transfer occurred on Saturday, coinciding with a short-term rebound after several days of losses.
The move followed another large transfer earlier in the week, when nearly 278 million DOGE valued at about $29.5 million was also sent to Robinhood, signalling heightened activity by large holders.
Dogecoin had fallen for three consecutive sessions, sliding to a low near $0.0799 on February 6 as risk-off sentiment and heavy derivatives positioning weighed on prices.
Liquidity conditions have also deteriorated, with Dogecoin’s market depth falling from around $12 million in early January to about $10 million in February, increasing the potential for sharp swings.
Traders are now watching key levels, with a sustained move above the $0.106–$0.110 zone needed to confirm recovery momentum.
Until then, analysts say repeated whale transfers and thinning liquidity point to continued uncertainty and elevated volatility in the near term.