650 Million Dogecoin (DOGE) Transferred to Robinhood as Price Stages Surge

A recent report by major cryptocurrency tracking service Whale Alert shows that within the last 24 hours, a gargantuan amount of Dogecoin has been transferred with the participation of popular investment platform Robinhood.

Almost two billion DOGE have been transferred by anonymous whales engaged with this investment app.

1.87 billion DOGE moved to and from Robinhood

The aforementioned blockchain sleuth has detected half a dozen mammoth-sized cryptocurrency transactions that moved tens and hundreds of millions of Dogecoin each over the past 24 hours.

🚨 🚨 250,865,164 #DOGE (45,777,632 USD) transferred from #Robinhood to unknown wallethttps://t.co/y0XPAyb4wi

— Whale Alert (@whale_alert) March 25, 2024

Overall, a whopping 1.87 billion DOGE meme coins have been moved. Approximately half of them were withdrawn from Robinhood by anonymous cryptocurrency whales, and about the same amount was deposited to Robinhood after those withdrawals.

Among the withdrawals, the largest crypto chunk contained 250,865,164 DOGE worth $45,777,632, and the smallest one carried 60,434,365 Dogecoin evaluated at $11,003,377. As for deposits, unknown whales transferred 200,000,000, 220,000,000 and 230,000,000 DOGE to Robinhood. 

In total, the fiat equivalent of the 1.87 billion DOGE is $196.9 million.

🚨 🚨 230,000,000 #DOGE (41,536,946 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/QEZvKI62Zo

— Whale Alert (@whale_alert) March 25, 2024

Dogecoin whales have become very active recently as DOGE surpassed popular coin ADA by its market capitalization size and has taken eighth place on the CoinMarketCap scale, ahead of Cardano. DOGE's market cap currently equals $26,528,729,566, versus $24,083,566,755 boasted by Cardano’s native coin, ADA.

This is not the first time it has happened this year, though. Earlier this March, DOGE already outpaced ADA by this metric.

DOGE price spikes

The largest meme cryptocurrency by market cap, Dogecoin, has demonstrated an impressive price surge since Monday as it has increased by more than 9% by now. At the time of this writing, DOGE is changing hands at $0.1849 after surging from $0.1701 yesterday.

Overall, within the past seven days, DOGE has staged an overwhelming rise, spiking by 43.86%. This increase was spurred by Elon Musk’s X platform securing several more state licenses for processing payments in the U.S.

This has increased the anticipation of the DOGE community that perhaps Musk will finally integrate Dogecoin payments on X in accordance with his statements prior to his purchase of Twitter. Tech tycoon Musk once acknowledged that he believes DOGE is much better suited for micropayments than Bitcoin.