Robinhood Involved in Transfer of ‘Millions’ of Dogecoin

Lavina Daryanani
Source: News

A few hours back, a Dogecoin transaction involving millions of tokens, and a DOGE richlist wallet took place. According to on-chain data, 52 million DOGE tokens were sent from multiple wallets to a top-20 wallet. A fee of merely $0.47 was endured to transfer the tokens worth $3.2 million.

Also Read: Dogecoin Whale Transfers ~$400 Million Worth DOGE

Around the same time, two other Dogecoin-related transfers took place. According to Whale Alert, Robinhood first received around 204.977 million DOGE tokens from an ‘unknown’ wallet. They were cumulatively worth around $12.62 million. Right after that, Robinhood initiated a transfer where it sent a similar amount of tokens to an unidentified wallet. This time, 189.073 million DOGE tokens worth $11.649 million were involved.

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Robinhood is now the 2nd largest DOGE holder

It is worth noting that Robinhood is currently the second largest Dogecoin holder. According to data from BitInfoCharts, 10.79 billion tokens are currently held by the Robinhood wallet, representing 7.72% of the supply. Towards the end of May, however, it occupied the numero uno spot. The first and third largest wallets seem to be unidentified. Binance and Cryptsy occupy the remaining two top-5 positions.

Source: BitInfoCharts

On the price front, Dogecoin has been creating new local lows since mid-April. However, it has been able to cling on to its downtrend line as support. It bounced off the same a few hours back. At press time, DOGE was trading at $0.061, 0.6% higher over the past day. Despite trading borderline in green, it should be noted that DOGE’s price is below most of its crucial averages and is currently at par with levels last registered in March 2023.

DOGE/USDT by TradingView

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