226 Million DOGE Withdrawn From Robinhood by Mysterious Whale’s Hand

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As an experienced financial analyst, I’ve closely monitored the crypto market and have seen my fair share of intriguing transactions. The recent surge of Dogecoin (DOGE) whale activity, as reported by Whale Alert, is a noteworthy development that warrants closer attention.

Over the past few days, the value of Dogecoin has significantly dropped. Yet, an enigmatic investor, identified as a “DOGE whale,” has recently amassed a substantial quantity of this popular meme cryptocurrency.

Recently, Whale Alert, a widely-used blockchain monitoring tool, has identified two significant transfers of Dogecoin (DOGE). Approximately hundreds of millions of DOGE were moved from an exchange to an unidentified wallet.

226 million DOGE scooped up by whale

Based on recent tweets from Whale Alert, an unidentified cryptocurrency magnate transferred two substantial amounts of Dogecoin from Robinhood within the past 24 hours. The transactions involved 150 million and 76 million+ Dogecoins respectively, adding up to a grand total of over 226 million Dogecoins.

🚨 150,000,000 #DOGE (21,281,922 USD) transferred from #Robinhood to unknown wallet— Whale Alert (@whale_alert) April 29, 2024

This amount of meme cryptocurrency was evaluated at close to $40 million in fiat at the time.

I’ve analyzed the transaction history and noticed that two DOGE transactions were sent to the same wallet address, specifically uc1wwKF. At present, this wallet boasts an impressive 2,052,284,869 Dogecoins, equivalent to a value of approximately $286,909,424.

Starting from April 24th, I’ve observed three separate transactions where a significant amount of Dogecoin was transferred into this particular whale’s wallet. The first transfer consisted of 129,693,892 DOGE, followed by 40,300,290 DOGE in the second transaction, and lastly, 51,968,427 DOGE was transferred in the third one. Before these incoming transfers, this whale had moved out a substantial amount of Dogecoin from their wallet, specifically 395,000,000 DOGE, in three separate transactions prior to April 24th.

DOGE whales become inactive

According to U.Today’s previous report, Santiment’s on-chain data reveals a significant drop in the count of active Dogecoin wallets, which had been increasing substantially earlier in the year.

As a crypto investor, I’ve noticed that while the number of active addresses for some cryptocurrencies, such as Cardano, has remained relatively stable, DOGE wallets have shown remarkable growth. Surprisingly, the non-empty ADA wallets have experienced a significant decline. However, it’s essential to highlight that Bitcoin continues to dominate the market, with an increasing number of non-zero BTC wallets, even during the volatile price swings.

The number of non-empty Bitcoin wallets is swiftly increasing, even as its prices remain volatile. In contrast, the count of active Altcoin wallets for assets such as Dogecoin has levelled off following significant surges earlier in 2021. Notably, Cardano is among the rare networks experiencing a decrease in active wallets.

— Santiment (@santimentfeed) April 27, 2024

Dogecoin market performance

As an analyst, I’ve observed that after a week of no significant price movements, Dogecoin, the largest meme cryptocurrency by market capitalization, experienced another notable decline. Specifically, since last Sunday, DOGE has dropped by 8.5%. Unfortunately, even today, it only regained less than 1% of those losses.

Since April 24th, the well-known meme-inspired cryptocurrency has experienced a drop of nearly 15%, currently trading at a price of $0.1384.

Lately, DOGE has made significant progress and currently ranks eighth among cryptocurrencies with a market cap valuation of approximately $20.003 billion.

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2024-04-30 14:37