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Billions of DOGE Shoveled as Robinhood Increases Its Dogecoin Stash

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Tue, 27/06/2023 - 9:20
Billions of DOGE Shoveled as Robinhood Increases Its Dogecoin Stash
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Over the past 24 hours, the trading volume of the original meme cryptocurrency DOGE has gone up by nearly 20%, and as it happened, two anonymous wallets moved astounding amounts of Dogecoin, which are equal to several billion DOGE.

These massive funds were moved after it became known over the weekend that the Robinhood trading app had increased its DOGE stash by about 11%.

4 billion Dogecoin on move, Robinhood stash increases

Popular blockchain platform Whale Alert, which tracks down large cryptocurrency transfers, has spotted two massive transactions, carrying two billion DOGE each — 1,958,943,330 and 2,076,945,575 meme coins. These were the equivalents of $126,443,671 USD and $134,060,347 USD, respectively.

The transfers were made roughly 14 hours ago, according to the above-mentioned source, by wallets marked by Whale Alert as anonymous. However, the size of the transactions may hint that these may be crypto exchanges reshuffling their crypto holdings.

As reported by U.Today, over the weekend, popular platform Robinhood, which allows its customers to trade stocks and crypto and stores crypto on behalf of its clients, demonstrated a rise in its DOGE holdings.

According to the data released on Friday, the amount of DOGE held by Robinhood's wallets constitutes 38,317,905,469 DOGE. This huge lump of meme crypto was worth $2,579,369,807.

A month ago, according to the data by the same source, @DogeWhaleAlert wallet tracker, Robinhood held $1 billion worth of DOGE less than it does now. Overall, the size of the DOGE holdings of Robinhood rose to 27.39% from 16.23% registered on May 25.

Related

DOGE price, trading volume go up significantly

Today, according to an hourly chart on TradingView (Binance exchange), DOGE demonstrated a rise of 2.44%, trading at $0.0651 at the time of this writing.

Yesterday, for the first time in the past five days, DOGE briefly dipped below the $0.0650 level and quickly rebounded above that price line again.

According to data provided by CoinMarketCap, over the past 24 hours, the trading volume of DOGE has gone up by around 20%, to $246 million.

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Image via CoinMarketCap
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