Robinhood Receives 300 Million DOGE Amid Impending Price Surge

16 views 1:06 pm 0 Comments May 14, 2024

Wed, 24/04/2024 – 7:25

300 Million DOGE Mysteriously Sent to Robinhood As Price On Verge of Breakout

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A well-known cryptocurrency tracking account on X/Twitter, Whale Alert, recently shared a tweet regarding a substantial amount of the prominent meme coin being transferred to the Robinhood exchange.

Among these transfers were hundreds of millions of Dogecoin (DOGE). This significant transaction occurred amidst Dogecoin’s persistent efforts to surge in value.

Arrival of 300 million Dogecoin on Robinhood

Whale Alert disclosed the transfer of a total of 300,000,000 DOGE from an undisclosed wallet to the trading platform Robinhood, known for offering both cryptocurrencies and traditional stocks for investment.

This volume of meme coins is valued at $47,921,394. Additional data from the mentioned source indicated a larger DOGE transfer. While 300,000,000 DOGE were sent to Robinhood, another 129,693,892 DOGE were moved to a different undisclosed wallet, resulting in that wallet now holding 1,733,699,458 Dogecoin.

This DOGE transfer was preceded by a remarkable transaction involving another popular meme cryptocurrency, Shiba Inu, the second largest in terms of market capitalization after DOGE.

Transfer of Trillions of SHIB to Robinhood

Whale Alert identified a massive transfer of 3,000,000,000,000 SHIB, equivalent to $79,947,000 in fiat, from one undisclosed wallet to another. Etherscan data revealed that the receiving address is associated with Robinhood, similar to the Dogecoin transfer.

As reported by U.Today earlier this week, an unidentified whale acquired a substantial amount of meme coins—237.8 billion Shiba Inu—transferring them to a cold wallet. This purchase amounted to \(6,290,435 and occurred shortly after the enigmatic SHIB leader, Shytoshi Kusama, and the SHIB team announced raising \)12 million from reputable investors to develop a layer-3 solution on the Shibarium blockchain. The new L3 blockchain will prioritize transaction privacy and data security.

Dogecoin’s Price Recovery Efforts

Meanwhile, the primary meme cryptocurrency, DOGE, has been striving to recover and make a breakthrough. In the past 24 hours, this meme coin inspired by Bitcoin has recorded a 4.23% increase in value.

However, it experienced a minor decline afterward, and overall, the meme cryptocurrency has been trading within the $0.1624 range since Sunday. This is the current price at the time of composing this piece.