In simpler terms, Whale Alert, a well-known blockchain investigator, has reported through multiple tweets that large DOGE holders (referred to as “whales”) have been actively moving significant quantities of Dogecoin over the last 24 hours.
Approximately 600 million Dogecoins were taken out of Robinhood’s trading platform. This occurred during Dogecoin’s astonishing 19% price drop, leading some experts to speculate that large investors, or “whales,” had capitalized on the decrease.
374 million DOGE moved, almost all of grabbed on Robinhood
Three large transactions involving 150 million, 100 million, and 74 million DOGE have been identified by Whale Alert. The first two substantial amounts of meme coins were withdrawn from Robinhood, while the smallest amount of 74 million DOGE was deposited into that widely-used trading platform.
The value of this Dogecoin transaction amounting to 374 million coins was approximately equal to $55.8 million in traditional currency when it occurred.
Approximately 74 million Dogecoins transferred to Robinhood were either intended for selling or meant for safekeeping. Robinhood, which is well-known for managing vast amounts of Dogecoin on behalf of its clients, currently holds around 30% of the entire circulating supply, making it the largest single holder in the market according to recent reports from U.Today and Mishaboar on the X app.
Dogecoin sees 19% plunge
This week, from Thursday to Friday, the popular meme coin DOGE, known for its canine theme, experienced a significant drop of around 19.5%. Following this price crash, Dogecoin made two attempts to rebound and has since regained some ground, with a current increase of 6.71%. At present, Dogecoin is being traded at $0.1708 on the Binance exchange.
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2024-04-13 11:46