Robinhood's Dogecoin Stash Faces Slight Decline but Billions of USD in DOGE Still Held There

Sat, 04/22/2023 - 12:47
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Crypto tracking account @DogeWhaleAlert has reported that the Robinhood trading app continues to hold a staggering amount of Dogecoin on behalf of crypto investors working with them. However, since the month began, this DOGE stash held in Robinhood's wallets has declined a little.

In the meantime, large DOGE whales have been quite active in the past 24 hours, shoveling more than $31 million worth of Dogecoin.

Robinhood stores billions of USD in DOGE

According to a recent tweet by the aforementioned tracker, Robinhood's wallets contain 33,562,118,520 Dogecoin evaluated at $2,800,725,228 USD. This comprises 24.14% of the total circulating supply of this popular meme cryptocurrency.

At the start of April, the percentage figure stood slightly higher — at 24.17% of the DOGE supply remaining in circulation. But basically, the amount of Dogecoin stored in Robinhood addresses is more or less the same, as Robinhood's clients do not seem to rush to sell their meme crypto.

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395 million Dogecoin shifted by top 20 addresses

Aside from that, the above-mentioned DOGE tracker spotted several transactions which carried staggering chunks of Dogecoin meme tokens.

The majority of them were conducted with the participation of top 20 wallets. Chunks of 159,347,709 DOGE, 92,011,880 DOGE and 52,463,876 DOGE were moved between them. These three comprise $24 million worth of DOGE in total.

The fourth transaction carried 91,112,696 DOGE, and this stash was moved from multiple wallets to an unknown address, according to @DogeWhaleAlert. It was worth $7,298,674.

At the time of this writing, Dogecoin is going at $0.07913, according to data shared by CoinMarketCap, after a 5.23% drop since Friday and a 12% decline faced during the past week.