Dogecoin Power Play: Robinhood Faces $16 Million Whale Exodus

Despite the fact that the cryptocurrency market is always changing, Dogecoin whales have become a defining force. They are responsible for big moves that send ripples through the digital world.

Whale Alert, a blockchain tracking and analytics tool, recently found out about a huge transfer of 253,419,377 DOGE from Robinhood to an unknown wallet. This brought these mysterious entities back into the spotlight, as they always do.

As this transaction happens against the background of Dogecoin’s unwavering resilience in the middle of volatile market shifts, the actions of these (can we say “hoarders?”) come to represent not only the power to shape trends but also the mystery that surrounds their intentions.

🚨 253,419,377 #DOGE (16,052,287 USD) transferred from #Robinhood to unknown wallethttps://t.co/xlyzOzqFFQ

— Whale Alert (@whale_alert) August 18, 2023

Whale Alert says that a big holder who hasn’t been named withdrew a large amount of DOGE, which at the time of the transaction was worth an impressive $16 million.

Dogecoin Whale In Action

This large transfer of money came from Robinhood and went to an unknown wallet. Its location was kept secret to protect the privacy of the people involved, unsurprisingly.

In a different transaction, 84.8 million DOGE, worth about $5.3 million, moved into the Robinhood platform at the same time.

This two-way transfer of DOGE coins shows how volatile cryptocurrency trading is and how investor choices are always changing.

Also, on August 19, a large amount of nearly half a billion DOGE was pulled out of the Robinhood platform, adding to the growing sense of mystery. This was part of a trend of big DOGE moves.

DOGE market cap at $9.11 billion today. Chart: TradingView.com

Even though DOGE’s path has been marked by its natural volatility, the meme-inspired cryptocurrency is showing that it can go against market sentiment and start price movements in the right direction again.

This shows that Dogecoin is still popular and has the ability to get people’s attention, solidifying it as a major player in the cryptocurrency market.

At the time of writing, DOGE was selling at $0.064, which is down nearly 16% in the last week. The cryptocurrency market as a whole lost a lot of money over the weekend, which hurt the joke coin by only 1.3% in the last 24 hours.

DOGE price action on a weekend. Source: Coingecko

Robinhood’s Massive DOGE Stash

Robinhood owns a lot of DOGE and keeps it safe for its customers. Newly available information shows that the site has more than 38 billion DOGE, which is about $2.5 billion worth of money.

Clearly, this amount is a big part (27%) of the total DOGE in circulation. It is spread out over 10 different wallet addresses inside Robinhood.

Not to be outdone, the company also has a huge stash of 20 trillion Shiba Inu units, which is the second most valuable meme-based cryptocurrency.

Notable corporate giants like BlackRock, Ark Investment, and Fidelity, among others, are among Robinhood’s top shareholders.

What the next DOGE whales are going to be up to is anyone’s guess.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Freepik

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