Prominent blockchain tracking service Whale Alert, which traces large chunks of crypto being moved between wallets, has spotted two large DOGE transfers made with the participation of the popular trading app Robinhood.
Hundreds of millions of DOGE getting moved
Per data shared by Whale Alert, an anonymous whale withdrew a whopping 253,419,377 DOGE worth $16 million from Robinhood to an unmarked wallet. The second transaction carried 84.8 million DOGE to Robinhood, and this is the equivalent of $5.3 million. On Thursday, Aug. 18, close to half a billion DOGE was also removed from Robinhood.
Overall, 338.2 million Dogecoin has been transferred to and from Robinhood.
Robinhood is one of the largest DOGE holders, but it stores Dogecoin on behalf of its customers. As reported by U.Today earlier, the platform holds 38,317,905,514 DOGE evaluated at approximately $2,536,338,802. This is 27.38% of all DOGE in circulation held in 10 wallet addresses on Robinhood.
The company's wallets also hold 20 trillion of the second largest meme coin Shiba Inu. Notably, among the largest Robinhood share owners is BlackRock, Ark Investment, Fidelity and other major companies.
DOGE price begins to recover
After a sudden tremendous fall by more than 9% registered on Thursday, the Dogecoin price started going up again, recovering 6.78% since Thursday.
Over the past 24 hours, the price has been 6.15% up, and the coin is now trading at $0.0637 on the Binance exchange against USDT.