Dogecoin: Hundreds of Millions of DOGE Moved From Robinhood as Price Drops

A recent tweet published by the popular cryptocurrency tracking platform Whale Alert shared the details of a large transaction made in Dogecoin, the original meme-inspired digital currency, from popular trading venue Robinhood.

The transaction happened while DOGE demonstrated a 5.84% decline over the period of the last 24 hours. At the time of this writing, Dogecoin is exchanging hands at $0.0848 on the Binance exchange.

🚨 88,258,144 #DOGE (7,474,518 USD) transferred from #Robinhood to unknown wallethttps://t.co/zNo7rU9DOV

— Whale Alert (@whale_alert) January 11, 2024

Whale grabs cheaper DOGE on Robinhood

The Dogecoin transfer spotted by the aforementioned blockchain sleuth contained a total of 88,258,144 DOGE worth $7,474,518 as the whale most likely purchased this gigantic amount of meme coins on Robinhood and then withdrew it to a cold storage wallet, presumably.

However, details shared by Whale Alert showed that, in fact, there were two transactions – one contained the above-mentioned 88,258,144 DOGE and the second one carried nearly three times as much as the first one did, 220,709,018 DOGE. The second transfer, though, was made between Robinhood internal blockchain addresses. The bigger transfer was evaluated at $18,516,700 at the time it was made.

Elon Musk to launch payments on X, will Dogecoin be involved?

As reported by U.Today, earlier this week an official blog of the X platform, which belongs to Elon Musk, stated that the company intends to implement online payments to take the platform closer to Musk’s vision of an “everything app.”

Many within the cryptocurrency community still cherish a hope that Elon Musk will implement his favorite crypto, Dogecoin, as a means of payment on X/Twitter. Musk, however, has not made any statements about that; however, several times he emphasized publicly that X does not plan to launch its own cryptocurrency.

In a podcast published on Thursday, Musk reaffirmed his Dogecoin support, stating that he has not sold any of his DOGE.

Last year, Musk added several improvements to the X app to expand the tools that can be used by content makers – long posts and live video streams. Besides, there are two options for monetizing their work. They can either offer their followers to subscribe for a small monthly fee that is automatically written off their cards or/and activate the Monetization feature, which will allow popular bloggers to get a share of advertising revenues earned by X.