The Dogecoin cryptocurrency experienced significant growth recently as the overall crypto market trended positively. The movement of large amounts of Dogecoin, especially to the Robinhood exchange, has raised questions about potential sell-offs by whales.

Data from WhaleAlert revealed that crypto whales transferred over 333 million Dogecoin, approximately valued at $65 million, across exchanges. One notable transaction involved the movement of 250 million Dogecoin, worth around $49.5 million, to Robinhood.

The timing of this whale activity is notable, as Dogecoin's price surged by more than 11% within 24 hours. This suggests that the whale may be aiming to capitalize on profits during this market rally. However, it also raises concerns that the increased selling pressure from whales could lead to a potential sell-off in Dogecoin prices.

Additionally, an unidentified whale acquired 83 million Dogecoin, valued at approximately $15.5 million, within the last day from Robinhood. This accumulation could have contributed to the recent price increase of Dogecoin.

The rise in Dogecoin's value has positioned it as a leading meme cryptocurrency, with a 110% price increase in the last month and a 33% surge in the past week. Meanwhile, other meme tokens like Shiba Inu (SHIB) and PEPE have experienced price rallies of 183% and 268% in the last 30 days, respectively.

Currently, Dogecoin is trading at an average price of $0.2029, with a 24-hour trading volume of $5 billion. It has surpassed Cardano (ADA) to become the 8th largest cryptocurrency by market capitalization, nearing a $30 billion market cap compared to ADA's approximately $23 billion.

The collective market cap of meme cryptocurrencies has also seen a 5% increase in the last day, reaching $64.5 billion, with a trading volume of $10.8 billion.

As the market reacts to Dogecoin's movements, it remains to be seen how other meme tokens will respond, considering that PEPE's price dropped by 6% in the last 7 days amidst Dogecoin's surge.