Whales On The Move: Transfers Of Over 264 Million Dogecoin On Robinhood Spark Market Buzz

Over 264 million Dogecoin DOGE/USD have been transferred in large-scale transactions involving the popular trading platform Robinhood.

According to a post by Whale Alert on X on Friday, 200 million DOGE, valued at approximately $43 million, were transferred from an unknown wallet to Robinhood.

200,000,000 #DOGE (43,026,934 USD) transferred from unknown wallet to #Robinhood https://t.co/Jul34nOCa4

— Whale Alert (@whale_alert) March 29, 2024

Following this, a second major transaction saw 64,438,642 DOGE, worth around $13.8 million, moving from Robinhood to an unidentified wallet.

64,438,642 #DOGE (13,816,320 USD) transferred from #Robinhood to unknown wallethttps://t.co/rMhE9ExQXJ

— Whale Alert (@whale_alert) March 29, 2024

These transactions are indicative of "whale" behavior within the cryptocurrency market, where large holders, or "whales," possess the capability to influence market dynamics significantly.

Also Read: Forget Dogecoin And Shiba Inu — This Meme Coin Has Surged Nearly 70% In Just 24 Hours

The movement of such vast amounts of Dogecoin, especially through a mainstream platform like Robinhood, highlights the growing interest and accessibility of Dogecoin to retail investors.

The timing of these transactions aligns with Dogecoin's impressive market performance.

At the time of writing, Dogecoin was trading at $0.2091, up by almost 29% in the last seven days. 

Moreover, the broader market's interest in meme coins and speculative assets has played a crucial role in Dogecoin's recent rally.

Last week, the meme coin, often championed by X owner Elon Musk, saw a remarkable $800 million increase in open interest. The surge resulted from speculation that Dogecoin could become the preferred currency for X's payment ecosystem.

Now Read: Whopping $33.8 Million Worth Of Dogecoin Shifted To Robinhood — And People Suspect This Person Could Be Behind It

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