DOGE's Stash of Robinhood Falls to 16% of Circulating Supply, Here's Reason

Amount of Dogecoin held by popular trading app has suddenly decreased by 8%

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Thu, 25/05/2023 - 12:18

DOGE's Stash of Robinhood Falls to 16% of Circulating Supply, Here's Reason

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For quite a long time, the amount of Dogecoins stored by popular brokerage Robinhood has held steady at 24% of the circulating supply of the meme coin.

However, earlier today, @DogeWhaleAlert reported that for the first time, it has dropped from 24% to 16%. The Dogecoin tracking account has cited a possible reason for this decline.

Massive withdrawals of DOGE

According to @DogeWhaleAlert, two days ago 5,700,000,000 DOGE were withdrawn from Robinhood in total in a series of nine massive transfers. Eight of them carried 680,000,000 DOGE each. One of those transactions moved 270,000,000 DOGE.

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🐕🪙🐋🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨

680,000,000 $DOGE ($49,736,560 USD) was transferred from a #Top20 wallet to a #Top20 wallet.

Fee: 1.51 ($0.11 USD)

Tx: https://t.co/SA7xoy2AoT #DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews
— Ðogecoin Whale Alert (@DogeWhaleAlert) May 22, 2023

The source tweet says that these withdrawals were made from Robinhood to a top 20 wallet. However, the tracker states that this unknown destination address may belong to Robinhood as well. There is no certainty on this point yet.

#Dogecoin circulating supply held by @RobinhoodApp was steady at 24% but has now dropped to 16%.

See series of tweets we sent 2 days ago... several massive txs moving $doge from Robinhood to top 20 wallet.

It is possible that the receiving "top 20" wallet belongs to… https://t.co/A6pw7ZeiX0
— Ðogecoin Whale Alert (@DogeWhaleAlert) May 25, 2023

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Currently, Robinhood holds 22,641,958,530 Dogecoins evaluated at $1,598,454,346 USD. This is 16.23% of the DOGE supply circulating on the market.

#Dogecoin #Robinhood

About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.