Advertisement
AD

Main navigation

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

Advertisement
Thu, 25/05/2023 - 12:18
DOGE's Stash of Robinhood Falls to 16% of Circulating Supply, Here's Reason
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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.

Advertisement

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According to @DogeWhaleAlert, two days ago 5,700,000,000 DOGE were withdrawn from Robinhood in total in a series of nine massive transfers.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.

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.

Related
Elon Musk's Warning to Investors: Don't "Bet the Farm" on Dogecoin

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.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles