Despite the fact that the cryptocurrency market is constantly changing, Dogecoin whales have become a defining force. They are responsible for the big movements that send ripples through the digital world.
Whale Alert, a blockchain tracking and analytics tool, recently learned about a massive transfer of 253,419,377 DOGE from Robinhood to an unknown wallet. This brings these mysterious entities back into the spotlight, as they always do.
As this transaction took place against the background of Dogecoin’s unwavering stability in the midst of a volatile market, its actions (can we say “hoarders?”) represent not only of the power to shape trends but also of the mystery surrounding their purposes. .
— Whale Alert (@whale_alert) August 18, 2023
Whale Alert says that a large unnamed holder withdrew a large amount of DOGE, which at the time of the transaction was worth an impressive $16 million.
Dogecoin Whale In Action
This huge money transfer came from Robinhood and went to an unknown wallet. Its location is being withheld to protect the privacy of the people involved, unsurprisingly.
In a separate transaction, 84.8 million DOGE, worth about $5.3 million, moved to the Robinhood platform at the same time.
This two-way transfer of DOGE coins shows how volatile cryptocurrency trading is and how investor choices are constantly changing.
Also, on August 19, a huge amount of almost half a billion DOGE was withdrawn from the Robinhood platform, adding to the growing sense of mystery. This is part of a trend of large DOGE moves.
DOGE market cap at $9.11 billion today. Chart: TradingView.com
Although DOGE’s path is marked by its natural volatility, the meme-inspired cryptocurrency shows that it can defy market sentiment and start price movements in the right direction again.
This shows that Dogecoin is still popular and has the ability to capture people’s attention, solidifying it as a major player in the cryptocurrency market.
At the time of writing, DOGE is trading at $0.064, down nearly 16% over the past week. The cryptocurrency market as a whole lost a lot of money over the weekend, with the joke coin losing only 1.3% in the last 24 hours.
DOGE price action on a weekend. Source: Coingecko
DOGE’s Big Savings at Robinhood
Robinhood has a lot of DOGE and keeps it safe for its customers. Newly available information shows that the site has more than 38 billion DOGE, which is about $2.5 billion worth of currency.
Clearly, this amount is a large part (27%) of the total DOGE in circulation. It is spread across 10 different wallet addresses within Robinhood.
Not to be outdone, the company also has a huge stash of 20 trillion Shiba Inu units, which is the second most valuable meme-based cryptocurrency.
Famous corporate giants such as BlackRock, Ark Investment, and Fidelity, among others, are among the leading shareholders of Robinhood.
What the DOGE whales will do next is anyone’s guess.
(The content of this site should not be considered investment advice. Investing involves risk. When you invest, your capital is at risk).
Featured image from Freepik