Massive Dogecoin Moves Worth $50 Million Each Spotted On Robinhood

Zinger Key Points
  • Robinhood linked to two gargantuan Dogecoin transactions, with staggering 800 million DOGE moved to an anonymous wallet.
  • Crypto whale amasses a $4 billion hoard of Dogecoin, signaling a spike in interest for the meme-based currency.

Two significant Dogecoin DOGE/USD transactions, each totaling over $50 million, took place on Friday. These transactions were traced back to the well-known investment platform, Robinhood.

According to Whale Alert, the transactions, each involving 400 million DOGE, were made within an hour of each other on Robinhood.

According to the data, crypto whales have been notably active this week, amassing significant amounts of DOGE. Both 400 million DOGE transactions were sent to the same anonymous wallet ending with -Mzs1pMke.

Robinhood also moved 128,775,727 DOGE and 2,069,990 DOGE to its internal blockchain addresses, in addition to these substantial DOGE transfers.

Also Read: Crypto Analyst Predicts This Altcoin Will Explode 260% In 2024, And It’s Not Dogecoin Or Shiba Inu

The whale that withdrew the 800 million DOGE now holds a total of 31,777,003,228 DOGE, worth roughly $4 billion.

Before these DOGE transfers, Robinhood saw a significant withdrawal of another popular meme cryptocurrency, Shiba Inu SHIB/USD. A single transfer saw 2.7 trillion SHIB, equivalent to $48.3 million, leave Robinhood.

This recent surge in DOGE transactions signifies a growing interest among large-scale investors, or whales, in meme cryptocurrencies.

It also highlights Robinhood’s role as a popular platform for such transactions. This trend could potentially influence the volatility and price of these cryptocurrencies, impacting both individual and institutional investors.

Now Read: Dogecoin Set to Surge Over 200%, Says Crypto Analyst: ‘It’s Going To Do Something Insane This Cycle’

Photo: Shutterstock

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