Dogecoin Whales on the Move with Massive Transfers

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In the last 24 hours, the popular Blockchain detective Whale Alert announced that Dogecoin (DOGE) whales have become quite active in transferring large amounts of the meme coin. This activity was highlighted by the withdrawal of several hundred million Dogecoins from the popular trading app Robinhood. The event occurred as DOGE, which leads the meme coin world, experienced a surprising 19% drop, leading many observers to claim that anonymous whales were buying the dip.

Whales Move 374 Million Dogecoins

Whale Alert reported the movement of 374 million DOGE, with almost all of it being tracked on Robinhood. Among these large transfers were three major transactions carrying 150,000,000, 100,000,000, and 74,024,901 DOGE. The first two large meme coin transfers were withdrawals from Robinhood, while the smallest amount was a deposit to this popular trading platform.

In total, these 374 million Dogecoins were valued at 55.8 million dollars in fiat currency at the time of the transfers. The purpose of the 74 million DOGE moved to Robinhood, whether for sale or long-term storage, remains unclear.

The Largest DOGE Investor in the Market

However, it is known that the platform holds billions of DOGE on behalf of its clients, and as we shared with you recently, a significant DOGE participant named Mishaboar announced on the X application that Robinhood’s wallet accounts own 30% of the total circulating supply, making it the largest single DOGE holder in the market.

Let’s note that the cryptocurrency DOGE experienced a significant drop of 19.5% on Thursday and Friday of this week. However, the cryptocurrency then attempted to recover twice and has so far regained some of its losses, rising by 6.71%. At the time of writing this article, Dogecoin is trading at 0.1708 dollars on the Binance exchange.

The price drop of DOGE, which is among the top ten in the crypto world, followed the correction experienced by the world’s largest cryptocurrency, Bitcoin. On Friday, BTC suddenly dropped by about 7%, losing approximately $2,500 in value, and then partially recovered its losses. It is also reported that over 900 million dollars’ worth of cryptocurrency was liquidated in the crypto markets in the last 24 hours, indicating the scale of the downturn.