In a recent tweet, the @DogeWhaleAlert tracker of Dogecoin wallets shared that a couple of hours ago, a massive DOGE transaction was spotted, carrying slightly less than a billion DOGE — a cryptocurrency asset that was initially launched as a meme.
This news came after a massive surge in Dogecoin transactions was reported.
620 million Dogecoin on move, is Robinhood involved here?
It was reported that a total of 619,087,721 DOGE was transferred between two anonymous cryptocurrency wallet addresses. This is the equivalent of $45,376,034.
🐕🪙🐋🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨— Ðogecoin Whale Alert (@DogeWhaleAlert) May 29, 2023
619,087,721 $DOGE ($45,376,034 USD) was transferred from an unknown wallet to an unknown wallet.
Fee: 2.20 ($0.16 USD)
Tx: https://t.co/FEJovAxQVT#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews
Recently, the same source spread the word that popular trading/investment platform Robinhood had seen its "stable" DOGE holdings decline sharply.
These Dogecoins are held on behalf of the platform's customers and, for more than a year, this stash contained 24% of the coin's supply in circulation. However, last week, slightly over five billion DOGE were removed from Robinhood in several transfers containing 680 million Dogecoin each.
@DogeWhaleAlert was not definite about the destination of those transfers. It may have been customers of Robinhood moving their crypto away from the platform or it may have been Robinhood sending the DOGE to a different wallet, the source stated.
Currently, the amount of Dogecoin held by the company remains unchanged, standing at 22,641,958,530 meme coins, which are evaluated at $1,644,870,361 and comprise 16.23% of the circulating supply.
DOGE transactions reach new ATH
According to an earlier U.Today report, the amount of DOGE transactions has exploded recently. Earlier in May, it reached the record level of processing 20,000 transfers on a daily basis.
On May 25, the volume of DOGE transfers reached 1.152 million, jumping even higher on the days that followed. On May 27, the volume of DOGE transfers hit the two million level.
Thus, Dogecoin became the first cryptocurrency to outperform Bitcoin's transaction peak over the past 14 years.