DOGE reacts to Robinhood’s update and it is not what traders expect

By AMBCrypto September 01, 2023 In Bitcoin, Dogecoin
  • DOGE traded with over 1% price increase before dropping below it.
  • DOGE can now be stored and traded on Robinhood.

Robinhood recently added Dogecoin [DOGE] to its list of supported digital assets. Although Dogecoin wasn’t the sole addition to the platform, it and other memecoins typically respond to such developments. However, did it follow the same pattern this time?

– How much are 1,10,100 DOGEs worth today

Dogecoin sees a slight uptrend

Over the last three days, Dogecoin experienced a daily increase of over 5% based on the daily timeframe chart. The six-hour timeframe chart revealed a price uptrend of over 1.5% on 31 August. As of this writing, it was trading at approximately $0.06, having retraced some of its gains on the longer timeframe.

Source: TradingView

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The Moving Average Convergence Divergence (MACD) indicated a bullish divergence despite the price drop. However, this positive trend had not yet been mirrored in the Relative Strength Index (RSI). At press time, the RSI remained below the neutral line.

Despite the price decrease observed on 30 August, the trend was the most favorable in recent weeks. Could this possibly be linked to a recent announcement from Robinhood?

Robinhood adds support for Dogecoin

On 30 August, Robinhood announced the inclusion of Dogecoin and other cryptocurrencies, such as Bitcoin [BTC], into its platform’s supported assets. This enhancement permitted users to store, send, and receive Dogecoin through Robinhood.

Furthermore, Robinhood was facilitating in-app swaps on the Ethereum network while extending Bitcoin and Dogecoin network support to all its users. As is customary, the response of DOGE to such pivotal developments was typically evident, and the observed price trend indeed affirmed this.

Instances of news-induced DOGE rise

Examining DOGE’s performance on a daily timeframe revealed three noteworthy price surges throughout the current year. The initial surge transpired on 3 April, leading to an impressive gain of over 21%. The second surge occurred around 13 July, contributing to over 8%. The third surge unfolded on 25 July, driving a notable increase of over 10%. What distinguishes these surges is their association with news or social media posts.

The 3 April surge was prompted by news about Twitter’s rebranding to “X.” The 13 July surge was attributed to news of Ripple’s partial victory in its legal battle with the SEC. Likewise, the surge on 25 July was directly linked to a Dogecoin-related post shared by Elon Musk. These instances have established a pattern where news incurs an upward price trend.

– Realistic or not, here’s DOGE market cap in BTC’s terms

Dogecoin’s seven-day active addresses stay the same

Despite the slight uptrend in price that was witnessed, the seven-day active addresses metric didn’t seem impressive. According to the metric on Santiment, the number of active addresses has been rather steady. As of this writing, the number was around 254.

Source: Santiment

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