Mysterious 134 Million DOGE Purchase Spotted on Robinhood as Price Falls 12%

Popular blockchain sleuth Whale Alert has spotted an enormous transaction made from Robinhood to an unknown wallet over the past 24 hours. It happened as a major Dogecoin whale added another large DOGE stash to his holdings, while the meme coin’s price has dropped overnight.

Mysterious whale grabs millions of Dogecoin

The above-mentioned cryptocurrency tracker that reports large transactions on the X platform (formerly Twitter) to the crypto community shared that approximately 10 hours ago, an enigmatic whale withdrew a total of 134,827,084 DOGE meme coins from popular trading app Robinhood.

🚨 🚨 134,827,084 #DOGE (27,658,034 USD) transferred from #Robinhood to unknown wallethttps://t.co/On8JNSYkTt

— Whale Alert (@whale_alert) April 1, 2024

This amount of crypto is the equivalent of $27,658,034 in fiat. This could be either a purchase or a simple withdrawal as the whale could be reshuffling their DOGE holdings. Robinhood allows storing crypto in its wallets for users, and it has separate Dogecoin wallets for that purpose.

Currently, the whale who made the transaction described above holds 2,134,264,889 DOGE in total, evaluated at $404,955,420.

DOGE was not the only large-cap meme coin transferred over the past 24 hours. The same data source also spotted 461,631,206,896 SHIB moved from the Wintermute platform to an anonymous blockchain address.

Dogecoin price targets major surge

Cryptocurrency analyst and trader Ali Martinez popular on X/Twitter published a bullish prediction for Dogecoin on Monday, April 1. The analyst shared that various metrics show that the original meme cryptocurrency, DOGE, remains the best-looking in the sector of memetic cryptocurrencies.

The expert published a chart to show that, in his view, DOGE currently mirrors the pattern it followed between 2018 and 2021. Based on this, Ali believes that Dogecoin may be up for “a massive parabolic bull run.”

I feel my fellow degens have been distracted with the new shiny #memecoins, but #Dogecoin remains the most important #altcoin in this sector. From a technical perspective, #DOGE seems to mirror the 2018-2021 pattern. If so, $DOGE could be at the very beginning of a massive… pic.twitter.com/WGREwsxPcb

— Ali (@ali_charts) March 31, 2024

Back in 2021, the original meme coin managed to hit a historic peak of $0.7376 in early May after Musk personally endorsed DOGE during his debut on Saturday Night Live, watched by millions of viewers.

Prior to that, Bitcoin reached its first all-time high that year after Tesla put $1.5 billion in Bitcoin on its balance sheet and accepted BTC as payment for its e-cars for a few months.

Within the last 24 hours, the biggest meme cryptocurrency by market capitalization demonstrated a massive 12% decline, falling from $0.2088 to the current level of $0.1822.