Dogecoin, the most popular meme cryptocurrency, has dropped 30% in the last 24 hours, but has already started to rebound.

Someone moved around 250 million Dogecoins during this enormous price drop, with little more than half of that amount going to Robinhood.

Whale Move Dogecoin To Robinhood

The @DogeWhaleAlert account, which monitors large Dogecoin transfers, has discovered two transactions totaling more than 100 million Dogecoins.

The two DOGE lumps had a total of 110,614,220 and 139,261,848 meme coins worth $8,497,274 and $11,625,997, respectively. The second Dogecoin payment was made via the renowned Robinhood trading program, which allows users to invest in equities as well as cryptocurrency such as Bitcoin, Ethereum, Solana, DOGE, Shiba Inu, Bitcoin Cash, and other prominent coins.

139,261,848 $DOGE ($11,625,997 USD) was transferred from an unknown wallet to a #Robinhood wallet.

Fee: 0.756 ($0.063 USD)

Tx: https://t.co/ADkdxMqG32#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews

— Ðogecoin Whale Alert (@DogeWhaleAlert) May 11, 2022

Following Bitcoin’s slide to $27,000 and Terra’s UST losing its dollar peg, Dogecoin has lost 30% of its value in the last 24 hours, plunging $0.160 to $0.0723.

However, the coin has started to recoup some of its losses, climbing 9.47 percent as of press time. DOGE is now trading at $0.0793 on the Binance market.

Suggested Reading | Shiba Inu: Biggest Dollar Holding Among Wealthiest Ethereum Whales

DOGE Plummets Since Musk’s Endorsement

DOGE has plummeted 90% since reaching a historic high on May 8 last year. Following Elon Musk’s declaration of himself as “The Dogefather” on Twitter and subsequent appearance on Saturday Night Live, the meme coin rocketed to $0.7376. (SNL).

DOGE/USD has plumetted 90% since Musk appeared on SNL. Source: TradingView

However, the presence of Tesla CEO Elon Musk on American television triggered a large selloff, and the token sank to $0.45 three days later.

Musk has long been a supporter of Dogecoin, frequently promoting it in his tweets and boosting its value. However, as time passed, these tweets began to have little or no effect on the Dogecoin price.

Tesla, the electric car company, began accepting the meme coin as payment for certain items in its online store in January 2022. Musk responded by saying it was an experiment and that he would see how it went.

Related Reading | Dogecoin Displays A Falling Wedge Pattern; Here’s What It Means

Featured image from UnSplash, chart from TradingView.com

 

As the first virtual world crypto event, the Cardano Summit, which finished on Sunday, promised much.

The keynote sessions are available for viewing now, with the rest of the content to be uploaded on the IOHK YouTube channel shortly.

Feedback indicated it was a well-organized event, and more importantly, it showcased key innovations and partnerships coming soon to the Cardano chain. Including the most eccentric reveal of all, an AI healthcare robot called Grace.

However, anyone who’s played Detroit: Become Human, or watched the Terminator films, would be forgiven for feeling uneasy about the idea of AI androids. Then again, is this distrust based on warrantless conjecture?

Key reveals at the Cardano Summit

The Cardano Foundation revealed several strategic partnerships to drive adoption and make full use of the chain’s smart contract capabilities. The Foundation’s CEO, Frederik Gregaard, said:

“Our new ecosystem partners cover a range of challenges and opportunities at the forefront of global society today, including climate change, NFTs, decentralized finance (DeFi), and digital identity, and they will play a pivotal role in helping us realize our vision.”

With that, in conjunction with Veritree, the Cardano chain will be used to secure tree planting records with a view to reforestation. Esports fans were pleased to hear about teaming up with Rival to develop an NFT platform. While collaborating with financial services firm UBX will “increase on-chain DeFi activity.”

The Summit also revealed a tie-in with Chainlink for “tamper-proof” smart contract oracle services.

But most intriguing of all was the unveiling of Grace, which will use Cardano as an information network to process cognitive functions.

The coming age of AI

Grace is an AI robot built by Hanson Robotics and SingularityNET. She is designed with healthcare in mind and can speak English and Korean.

“She can also measure people’s responsiveness and mirror their emotions, helping her not just to come up with diagnoses but also to respond empathetically.”

IOHK claims that operating on the Cardano chain provides Grace with the highest level of functionality in terms of processing biodata quicker, more securely, and at a lower cost.

The CEO of SingularityNET, Ben Goertzel, said the importance of physical and mental health was often overlooked pre-pandemic. But this technology can be used to meet such needs as we advance.

“This is why solutions like Grace are so important, to combat loneliness and ease the burden on frontline workers. And with Cardano’s market-leading capabilities, she will be able to scale to meet this global challenge.”

However, Grace is not yet at the stage of replacing human healthcare workers. Goertzel said they will enhance her capabilities in the coming years to serve more critical functions in elderly healthcare and medical settings.

Like what you see? Subscribe for updates.