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$7 Million Worth of DOGE Transferred to Robinhood

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Thu, 26/10/2023 - 16:30
$7 Million Worth of DOGE Transferred to Robinhood
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Whale Alert, a cryptocurrency transaction tracking platform, reported a transfer of 97 million Dogecoin (DOGE) – equivalent to $7.2 million – moving from the Robinhood exchange to an undisclosed wallet.

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Recent DOGE transfers 

Over the past month, significant amounts of DOGE have been transferred between various wallets and exchanges, drawing attention to the meme coin's activity. 

On Oct. 25, a substantial 350 million DOGE, valued at $23.4 million, was sent from an unknown wallet to Robinhood. 

A few days prior, on Oct. 23, 83.3 million DOGE (worth $5.3 million) were moved out of Robinhood to another undisclosed address. 

This is not an isolated phenomenon. Earlier in the month, on Oct. 16, another 110 million DOGE ($6.6 million) were transferred from an unknown source to Coinbase.

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These transactions suggest active trading and possibly strategic accumulation or distribution by certain entities.

Dogecoin price surge

The price of Dogecoin has risen by 8.7% in the last 24 hours. This surge in Dogecoin and its fellow meme coin, Shiba Inu, indicates a trend where crypto traders are increasingly making riskier bets, especially in light of Bitcoin's recent outperformance. 

Speculations have long been rife about platform X potentially adding DOGE as a payment option since X CEO Elon Musk has repeatedly expressed his fondness for the meme cryptocurrency in the past. However, it remains to be seen whether such issues will be added. 

Despite these gains, it is noteworthy that both DOGE and Shiba Inu have somewhat lagged behind other major cryptocurrencies over the past month.

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