How Did Dogecoin React to 90 Million Tokens Exiting Robinhood?

Sahana Kiran
Source – Unsplash

The Dogecoin [DOGE] market witnessed the movement of 90 million DOGE tokens valued at $14.2 million. This exorbitant amount was withdrawn from Robinhood early Friday. Whale Alert, a prominent blockchain tracker shed light on this transaction. This noteworthy transaction has drawn significant attention from the crypto community.

At press time, Dogecoin’s price has seen a modest rise of 1% and is now trading at $0.1599. Earlier today, it reached a 24-hour high of $0.1645. Over the past month, the asset has risen nearly 12%, signaling increased investor interest. Despite today’s uptick, the meme coin noted a 3% drop earlier before recouping some losses.


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Robinhood’s Influence on Dogecoin

Robinhood, a commission-free investment app, has played a crucial role in Dogecoin’s history since it began supporting the cryptocurrency in 2018. The platform’s dominance in U.S. retail trading significantly contributed to DOGE’s dramatic rise in early 2021, driven by a surge in retail investor participation.

According to Robinhood’s Q1 update, its users collectively hold $7.4 billion worth of Dogecoin. This surpassed their holdings in Ethereum [$5.6 billion]. Bitcoin remains the most substantial holding among Robinhood users, totaling $10.4 billion.

Alongside the recent withdrawal from Robinhood, there has been significant whale activity around Dogecoin. Sentiment data revealed that Dogecoin whales have purchased 700 million DOGE worth about $112 million in the past 24 hours. This substantial buying pressure, however, has not resulted in a strong price increase for the asset. While the asset has demonstrated some resilience and moderate gains, its piece performance remains lackluster despite significant whale activity. Platforms like Robinhood continue to play a crucial role in shaping the path of assets like Dogecoin.

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