Mysterious 245 Million DOGE Transfer Sent to Robinhood Triggered Price Plunge

Recent massive 245 Million DOGE transfer to popular trading platform, Robinhood, has coincided with large price drop of the dog-themed meme coin

According to recent data published on the Whale Alert analytics X account (formerly Twitter), over the past 24 hours, a large Dogecoin transaction has been spotted.

Hundreds of millions of DOGE were deposited to a popular trading venue, while the meme coin’s price showed a major slump.

This transaction gained attention of the Dogecoin community, triggering a heated response in the comments.

245 Million Dogecoin On The Move, Price Makes Sharp Drop

The aforementioned cryptocurrency tracking platform has shared that approximately 12 hours ago, a mysterious unknown whale shoveled a staggering 245,000,000,000 DOGE to renowned trading venue Robinhood.

At the time this transaction was made, this amount of the original meme-themed coins was evaluated at $49,622,788.

245,000,000 #DOGE (49,622,788 USD) transferred from unknown wallet to #Robinhood https://t.co/49ncXiaMbG

— Whale Alert (@whale_alert) April 8, 2024

This enormous transaction coincided with a large DOGE price plunge; the popular meme coin plummeted by almost 8% over the past 24 hours.

The drop has been slightly corrected with a 2.02% rebound. At the time of this writing, the very first canine-themed crypto is changing hands at $0.2031 after losing the $0.2084 level yesterday.

Robinhood is Largest DOGE Holder

In a recent tweet, a major Dogecoin contributor known as Mishaboar on X/Twitter has revealed the biggest DOGE holder known so far.

In his post on the X platform, the DOGE army member accused former Binance boss Changpeng Zhao and crypto YouTubers of making unsubstantiated claims that 30% of all Dogecoin is being held by a cryptocurrency whale.

CZ made that statement when he still ran Binance in 2021.

Mishaboar pointed out that any sophisticated cryptocurrency user would be able to identify this wallet as belonging not to an individual but as being a cold wallet of a crypto exchange.

He stressed that many CEOs kept repeating that false thing about “the DOGE whale,” spreading misleading information.

The aforementioned user emphasized that the actual owner of that biggest Dogecoin holding was finally identified, and it belongs to none other than the Robinhood exchange.

The platform held it on behalf of its users. Some speculations even pointed to DOGE’s biggest fan, Elon Musk, as the “mysterious wealthy DOGE whale.”

Mishaboar offered a crucial reminder of how important it is to do one’s own research every time one deals with crypto space.

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