Two significant Dogecoin (CRYPTO: DOGE) transactions, each totaling over $50 million, took place on Friday. These transactions were traced back to the well-known investment platform, Robinhood.
According to Whale Alert, the transactions, each involving 400 million DOGE, were made within an hour of each other on Robinhood.
According to the data, crypto whales have been notably active this week, amassing significant amounts of DOGE. Both 400 million DOGE transactions were sent to the same anonymous wallet ending with -Mzs1pMke.
Robinhood also moved 128,775,727 DOGE and 2,069,990 DOGE to its internal blockchain addresses, in addition to these substantial DOGE transfers.
400,000,000 #DOGE (50,276,346 USD) transferred from #Robinhood to unknown wallet
— Whale Alert (@whale_alert) July 19, 2024
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The whale that withdrew the 800 million DOGE now holds a total of 31,777,003,228 DOGE, worth roughly $4 billion.
Before these DOGE transfers, Robinhood saw a significant withdrawal of another popular meme cryptocurrency, Shiba Inu (CRYPTO: SHIB). A single transfer saw 2.7 trillion SHIB, equivalent to $48.3 million, leave Robinhood.
This recent surge in DOGE transactions signifies a growing interest among large-scale investors, or whales, in meme cryptocurrencies.
It also highlights Robinhood's role as a popular platform for such transactions. This trend could potentially influence the volatility and price of these cryptocurrencies, impacting both individual and institutional investors.
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