According to a recent update from Whale Alert, a popular blockchain tracker, 90 million DOGE tokens (roughly $14.2 million) at current prices left Robinhood eight hours ago.
The leading meme cryptocurrency dropped by 3% earlier today before clawing back some losses.
Robinhood, a popular commission-free investment app, added support for Dogecoin back in 2018.
In early 2021, Robinhood played a pivotal role in Dogecoin's meteoric rise due to the fact that this platform dominates retail activity in the U.S.
Mushumir ButtAccording to the company's Q1 update, its users hold $7.4 billion worth of Dogecoin. This is a larger sum compared to Ethereum ($5.6 billion). Bitcoin remains the biggest holding among Robinhood users with $10.4 billion.
Whales scoop up Dogecoin
At the same time, Santiment data shows that Dogecoin whales have purchased 700 million DOGE tokens (roughly $112 million) over the past 24 hours.
Despite this buying pressure, Dogecoin's price performance has been rather underwhelming.
Alex DovbnyaPopular cryptocurrency trader Kaleo recently predicted that the largest meme coin is going to spend a bit longer in the current range before it eventually surges much higher.
"If you don't think the king of memes eventually sends during the meme supercycle, you're crazy," the trader added.
Dogecoin is still down a whopping 72% from its record high despite rallying 83% in 2024.
Godfrey Benjamin
Dan Burgin
Vladislav Sopov
U.Today Editorial Team