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Quarter of DOGE Supply Held in Robinhood’s Wallets – Tens of Billions of Dogecoin

Sat, 04/08/2023 - 08:37
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Yuri Molchan
Robinhood customers did not sell their Dogecoin after recent 30% rally
Quarter of DOGE Supply Held in Robinhood’s Wallets – Tens of Billions of Dogecoin
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As the popular meme coin surged over 30% at the start of the week when Elon Musk briefly made it the logo of Twitter, many small holders began adding more DOGE to their crypto stashes. Some large whales sold their DOGE for profit, however, clients of the popular trading platform Robinhood keep holding on to their meme crypto.

@DogeWhaleAlert has reported that currently, the wallets of the trading app hold 33,562,118,437 Dogecoin on behalf of their customers. This constitutes $2,770,888,498 and 24.17% of the DOGE supply in circulation.

Earlier this week, a "SmartMoney" tracker @lookonchain and on-chain data aggregator Santiment suggested that Elon Musk and whales from his close circle might stand behind several massive DOGE sales made immediately after the price soared by over 30%.

Related
Dogecoin (DOGE) Plummets 9% as Twitter Restores Iconic Bluebird Logo, Replacing Dog Meme

@Lookonchain even shared data of two particular wallets selling 1.1 billion and 300 million Dogecoin (earning $124 million on those deals), wondering if those were linked to the Twitter boss himself. Elon Musk is a famous DOGE advocate. He has once stated that this meme coin is a better payment solution than Bitcoin and then suggested that Twitter integrates it as a way to pay for Twitter Blue subscriptions and to reward content makers. This was before Musk bought Twitter for $44 billion, though.

The recent change of logo from the blue bird to DOGE was the first action of Musk regarding Twitter that involved Dogecoin. Later on, however, he changed Twitter's logo back, removing the DOGE symbol. This pushed the meme coin's price down 9%.

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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 yuri.molchan@u.today.