Robinhood, the popular commission-free trading platform, has made a significant move in the world of cryptocurrencies. Recent data from the blockchain reveals that Robinhood has transferred approximately 8% of the total supply of Dogecoin ($DOGE), a meme-inspired cryptocurrency, to a new and mysterious wallet.
This development has caused a noticeable shift in the supply of DOGE held in Robinhood’s wallets. Previously, the platform held around 24% of the total supply, but it has now dropped to 16% due to these substantial transactions involving the new wallet. Interestingly, the wallet’s movements were closely monitored by Dogecoin Whale Alert, a service that tracks large DOGE transactions, and updates were shared on Twitter in real time.
While it remains unclear whether the new wallet belongs to Robinhood or not, there is speculation that the platform might be restructuring its holdings for unknown reasons. The significant holdings of Dogecoin by Robinhood have always piqued the interest of the crypto community, as the exchange’s ownership of the largest DOGE wallet was previously unknown.
Dogecoin, known for its playful Shiba Inu logo, has attracted the attention of cryptocurrency enthusiasts since its inception in 2013. Although its value has experienced significant fluctuations over the years, it has recently garnered more serious interest from investors and major companies, including Robinhood.
In recent news, Dogecoin has witnessed a surge in its daily transaction volume, reaching an all-time high. Surprisingly, it surpassed the transaction volumes of both Bitcoin ($BTC), the largest digital currency by market capitalization, and Litecoin ($LTC), often referred to as the silver to Bitcoin’s gold. Users have been actively participating in minting DRC20 tokens on the Dogecoin network, contributing to this surge.
Additionally, a mysterious DOGE whale made a series of transactions involving over 13 million tokens of the meme-inspired cryptocurrency. This occurred shortly after Elon Musk, CEO of Tesla and SpaceX, expressed his intent to appoint a new CEO for Twitter. The whale transferred the tokens, worth over $927,000 at the time, from multiple wallets to a newly created one, paying just 3.63 DOGE (equivalent to $0.26) in fees for the transactions.
The Dogecoin blockchain has witnessed other notable movements recently. An inactive DOGE address containing 1.5 million tokens resurfaced after remaining dormant for 9.3 years. Furthermore, long-term investors now hold tens of billions of DOGE tokens, with entities that have been holding the cryptocurrency for over a year possessing 44.8 billion tokens, valued at over $3.7 billion.
These events highlight the evolving landscape of Dogecoin and its increasing relevance in the crypto market. With Robinhood’s significant involvement and the surge in transaction volumes, it is evident that Dogecoin continues to captivate both enthusiasts and investors alike.