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438.4 Million Dogecoin Moved to Robinhood for Fee That Easily Beats Any Bank

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Tue, 3/05/2022 - 12:17
438.4 Million Dogecoin Moved to Robinhood for Fee That Easily Beats Any Bank
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@DogeWhaleAlert has tweeted that over the past 24 hours, over half a billion Dogecoin were transferred between anonymous whales and the Robinhood investment app. In total, 792 million DOGE have been sent.

Fees charged for these transactions were so tiny that no bank in the world could offer them.

593.5 million Dogecoin moved to Robinhood

A tracker of large DOGE transactions, @DogeWhaleAlert, has spotted several massive DOGE lumps moved to the popular Robinhood trading app. Meanwhile, a lot more small DOGE transfers were noticed moving between anonymous crypto addresses.

The two biggest DOGE chunks transferred to the Robinhood platform today contained 250,000,000 and 188,419,761 meme tokens worth $32,816,750 and $24,673,002, respectively, for tiny fees of $0.26 and $0.16. These fees for such large amounts of funds easily outstrip any bank, centralized payment platform or financial institute in the world.

The first of the two transactions was performed from multiple wallets. The second was made from an anonymous address.

Aside from that, smaller chunks of 22 million, 30 million and 155 million coins were also sent to Robinhood.

Beyond that, 129,339,856 Dogecoin were moved between anonymous digital wallets. The fee was also incomparable to what banks usually charge—$0.99 in DOGE.

As of now, Robinhood holds a total of 40,438,445,406 DOGE for its customers—30.48% of the coin's circulating supply. This amount of the biggest meme crypto is worth $5,278,066,333.

Related

2.69 million DOGE sent without internet

As reported by U.Today, a single transfer of 2.69 million Dogecoin was made yesterday—on May 2—the equivalent of $357,926.

This was the second transaction of the original meme cryptocurrency made without the use of the internet. It was conducted via RadioDoge. The first transaction ever of its kind was made in April as an experiment. The transfer fee for it was even lower than the ones mentioned above: 0.00226 DOGE.

RadioDoge uses cheap radio technology (HF/LoRaWAN) combined with Elon Musk's Starlink satellite network that provides an internet connection to distant corners of the world that are not covered by a regular internet connection.

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