According to DogeWhaleAlert, a data tracking service that gives whale alerts for transactions of more than four million DOGE, 3.2 billion DOGE worth nearly $218 million has been reportedly moved by Robinhood to cold storage.
By keeping digital assets offline, cold storage wallets are believed to provide security for them during volatile market downturns. When keeping cryptocurrency for a longer period, investors frequently shift it to a cold wallet.
The data tracker indicated multiple Robinhood wallet-bound transfers within the last 24 hours. Fourteen transactions of 100 million DOGE, valued at around $6.7 million each, were reported by DogeWhaleAlert to have been transferred from a Robinhood wallet to another Robinhood wallet.
Other transactions reported include those of 10,988,259 DOGE valued at $724,269 being transferred from multiple wallets to a top-20 wallet anonymously.
The data tracker also reported two separate transactions of 599,999,900 DOGE worth $40,226,993 and 999,999,996 DOGE worth $66,914,000, moved from a Robinhood wallet to an unknown wallet.
Robinhood holds 40.1 billion DOGE on behalf of investors
According to DogeWhaleAlert, a combined amount of 40,138,384,330 DOGE, which is worth $2,723,389,377, is being held by Robinhood on behalf of its investors. This represents 30.25% of the total supply.
Robinhood's two known wallets, which are 3334959 and 1699275, use eight known addresses to house these funds.
At the time of publication, Dogecoin (DOGE) was trading slightly down at $0.066.