226 Million DOGE Withdrawn From Robinhood by Mysterious Whale's Hand

Cover image via U.Today

While the Dogecoin price has been plummeting since the weekend, a mysterious DOGE whale has stocked up on a large amount of the biggest meme cryptocurrency.

Two massive transactions have been spotted by popular blockchain tracker Whale Alert, as hundreds of millions of DOGE have been moved from the exchange to an unknown wallet.

226 million DOGE scooped up by whale

According to tweets recently published by Whale Alert, over the past 24 hours, an anonymous cryptocurrency whale has removed two large crypto chunks from Robinhood. These transactions carried 150,000,000 and 76,316,694 DOGE, making it more than 226 million Dogecoin in total.

🚨 150,000,000 #DOGE (21,281,922 USD) transferred from #Robinhood to unknown wallet
https://t.co/7U1CEfr2ZT

— Whale Alert (@whale_alert) April 29, 2024

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

Both DOGE lumps were sent to the same wallet, -uc1wwKF. At the time of this writing, this blockchain address holds an impressive 2,052,284,869 Dogecoin worth $286,909,424.

Since April 24, this whale has also seen three incoming transfers carrying 129,693,892; 40,300,290; and 51,968,427 Dogecoin. Prior to receiving them, the whale had disposed of 395,000,000 DOGE in three transfers.

DOGE whales become inactive

As reported by U.Today earlier, a recent report published by the Santiment on-chain data agency shows a major decline in non-zero Dogecoin wallets. After large rises in this metric observed by the analytics team earlier this year, the number of these Dogecoin addresses has flattened.

Santiment also mentioned that despite the flattening, DOGE wallets have been doing better than Cardano ones; non-empty ADA wallets have seen a major drop. The winner here so far is the flagship cryptocurrency Bitcoin – wallets with a non-zero amount of BTC in them have been growing persistently as of late, despite the market witnessing quite volatile prices on BTC.

📊 The total amount of non-empty #Bitcoin wallets are rapidly growing despite choppy prices. #Altcoin wallets for assets like #Dogecoin have flattened after enormous rises earlier this year. #Cardano is one of the few networks to see active wallets drop.
https://t.co/itg9qMes7c
pic.twitter.com/yrOlEQw3jy

— Santiment (@santimentfeed) April 27, 2024

Dogecoin market performance

After approximately a week of flat trading, the largest meme cryptocurrency by market cap, Dogecoin, has demonstrated yet another plunge. Since Sunday, DOGE has lost 8.5% and only managed to recover less than 1% today.

Overall, since April 24, the iconic meme-themed coin has declined by almost 15% and is changing hands at $0.1384 at the time of this writing.

Recently, DOGE has managed to advance deeper into the top 10 group of cryptocurrencies, now occupying eighth place with a market capitalization value of $20,003,212,269.