Dogecoin Down 7%, Contributor Reminds Community To 'Do Your Own Research'

Dogecoin DOGE/USD is down 7% over past 24 hours, marked by notable whale movements and a community contributor clarifying whale holdings.

What Happened: Mishaboar, a prominent Dogecoin contributor and developer, in an April 8 tweet clarified a widespread misconception about Dogecoin distribution.

The belief that a single whale held 30% of Dogecoin’s supply was misinformation that circulated during the last bull market.

He pointed out that those well-versed in the crypto industry could readily identify the wallet in question as belonging to Robinhood's cold wallet, containing DOGE held on behalf of its users.

In his tweet, he called out Binance co-founder Changpeng Zhao and certain influential YouTubers for spreading this misinformation, referring to a tweet from CZ in May 2021 stating, "Elon, the top one (with 30% of total supply)."

In a subsequent tweet on April 9, Mishaboar commended Robinhood and Binance for their roles in boosting Dogecoin’s popularity during the previous bull market.

Also Read: Dogecoin Crosses $0.20 Mark On 3.4% Gain And Chart Gives Trader ‘Unrealistically Bullish Hopium’

Why It Matters: Mishaboar's tweet serves as a reminder to investors to conduct thorough research and not blindly trust authorities, market leaders, or experts.

His message also indicates the presence of significant wallets in the Dogecoin ecosystem, suggesting that many individuals continue to hold their coins on exchanges and brokerage services. This practice is often discouraged in the crypto community due to security concerns.

Amid these developments, Whale Alert data revealed that 245 million DOGE coins, valued at $49.6 million, were transferred from an unknown wallet to Robinhood. Additionally, another 89.5 million DOGE was transferred to an unknown wallet.

Price Action: Dogecoin is down 7.2% on the day, trading at $0.1886 at the time of writing.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Dogecoin ‘Running The Cycle Of 7 Years,’ Says Trader: ‘We Won’t Believe Doge Will Be $2, $9 & $40’

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