DOGE 12% Up as Close to Half Billion Dogecoin Goes to Coinbase and Robinhood

Cover image via U.Today

According to data published by Whale Alert, a prominent blockchain sleuth that tracks large cryptocurrency transactions, nearly half a billion Dogecoin has been transferred to two leading trading platforms, likely for sale. This occurred amid a significant price increase for Dogecoin this week.

Prior to these two transactions, three large amounts of DOGE were withdrawn from the Robinhood investment platform.

89,999,572 #DOGE (15,186,295 USD) transferred from unknown wallet to #Coinbase
https://t.co/ltMb7UkBfF

680.9 million DOGE on the move

The aforementioned data source announced five substantial transactions totaling almost 681 million DOGE. The latest two transactions moved 89,999,572 and 300,000,000 DOGE meme coins to two leading cryptocurrency trading platforms – Coinbase and Robinhood. These transfers were valued at $65.5 million in fiat and were likely intended for sale on those exchanges.

300,000,000 #DOGE (50,403,127 USD) transferred from unknown wallet to #Robinhood
https://t.co/dAvuSOIVWR

Earlier, Whale Alert recorded three additional transactions totaling 82,698,136, 70,081,079, and 138,326,037 Dogecoin. This cumulative amount of $48.7 million was withdrawn from Robinhood to anonymous blockchain wallets, indicating purchases and transfers to cold storage wallets.

Dogecoin remains a popular asset among crypto whales as it is one of the top ten digital assets with widespread adoption. Additionally, it is endorsed by tech billionaire Elon Musk, and many within the DOGE community hope that Musk will integrate DOGE on X this year when internal payments are launched.

Dogecoin spikes 12% over past days

Over the past few days, Dogecoin has experienced an impressive price increase of more than 12%, rising from $0.1520 on Monday to $0.1716 earlier today.

However, this growth was followed by a decline of over 3%, bringing the price down to $0.1667.