Robinhood Crypto now supports Dogecoin (DOGE) token transfers.

Users can now withdraw and deposit their DOGE and earn a 1% deposit bonus on the official application until 30 November.

Robinhood Crypto Now Supports Dogecoin Token Transfers with 1% Bonus!

Starting today, Robinhood Crypto announced that users can deposit and withdraw Dogecoin ($DOGE) and earn a 1% deposit bonus through Nov. 30.

Indeed, this launch is a big move, especially after the recent withdrawal wave triggered in May when the platform faced a Wells Notice from the US Securities and Exchange Commission. Investors took out tens of millions in DOGE during that period after the SEC signaled potential regulatory action against Robinhood’s crypto division.

Robinhood Crypto now supports $DOGE token transfers!

Withdraw & Deposit #DOGE and earn a 1% deposit bonus on the app until 30 November.

Terms apply. Download the app: https://t.co/sb4gDoO6Ls#RobinhoodOnchain pic.twitter.com/DYWoWaxITl

— Robinhood Crypto EU (@RobinhoodCrypto) November 2, 2024

Accordingly, post-notice blockchain analysis from Bitcoinsensus then showed that  164 million DOGE-valued at $25 million was moved out of Robinhood, underlining investor caution.

With the support for DOGE transfers turned back on, Robinhood Crypto now appears to be regaining momentum, putting forth attractive incentives for DOGE users to re-engage on the platform. This may signal the opening of a new chapter with Dogecoin in a more excellent regulatory environment.

Is $10 DOGE Possible?

Dogecoin, the meme-driven cryptocurrency, jumped slightly intraday to suggest a short-term bounce. The more recent price action shows increased buying momentum and consolidation near a significant support area,  fueling some optimism in the market. DOGE surges when crypto has witnessed considerable ups and downs during the week. For market speculators, if present developments persist,  the much-expected $1 will be easily achieved.

Tony Severino, head of research at NewsBTC, recently broached Dogecoin’s chart, pointing to a bullish cross on the two-month Logarithmic Moving Average Convergence Divergence for the first time since 2021. From historical data, Severino believes a price increase of 8,628% is probable.

It would shoot up Dogecoin’s value to $10 and move its market capitalization to as high as $1.466 trillion. Beyond that, by charting the average time frame of Dogecoin’s past 4,300% and 12,000% surges, Severino projects that the rally will last some 213 days, bottoming out around April 2025. According to Robinhood Crypto data, the price, at the time of writing hovered arpund $0,16.

Dogecoin Rises Amid Renewed Interest and Market-Wide Bitcoin Momentum

Dogecoin’s recent run-up in part owes its success to the recent second wave that has gripped the cryptocurrency in the wake of influential people, such as Elon Musk, who seems to give indirect attention to DOGE with moves such as launching the Department of Government Efficiency (D.O.G.E).

The fact that he has aligned with Dogecoin has kept the meme-based cryptocurrency in the spotlight for an extended period,  attributed to the token’s upward trajectory. Adding to this fervor is Bitcoin’s climb to near its $73,700 high, setting a positive tone across the broader cryptocurrency market.

Although the fervor for Dogecoin is high, market analysts keenly await whether the developments from the fundamental perspective will present any selling pressure, considering that in the last few days, there have been large transfers of DOGE. This perhaps had something to do with the fact that Robinhood Crypto again allowed Doge on its platform. Such large movements often create speculation of increased volatility. For an asset – that is susceptible to sentiment and market trends, such as Dogecoin, a sudden sell off may create fluctuations, which brings some caution as traders weigh up the next action phase for the asset.

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Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.