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

Thu, 05/25/2023 - 12:18
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Yuri Molchan
Amount of Dogecoin held by popular trading app has suddenly decreased by 8%
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According to @DogeWhaleAlert, two days ago 5,700,000,000 DOGE were withdrawn from Robinhood in total in a series of nine massive transfers.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.

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.

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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and 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.

Currently Yuri is a news writer at U.Today and can be contacted at