- Nearly four billion Dogecoin transferred in major moves, possibly related to exchange reshuffling.
- Trading platform Robinhood bolstered its DOGE holdings by 11%, now possessing over 38 billion DOGE.
As the world of cryptocurrencies continues to evolve and mature, significant fluctuations and shifts are commonplace. One of the most recent examples can be seen in the activity around Dogecoin (DOGE), the original meme cryptocurrency.
In the last 24 hours, Dogecoin’s trading volume has seen a substantial surge, nearly 20%. This increase comes alongside massive transfers of the cryptocurrency: almost four billion DOGE moved by unidentified wallets. These transactions carry considerable weight, not only in the sheer volume of coins but also in their potential implications.
Blockchain analytics platform, Whale Alert, known for tracking large-scale cryptocurrency transactions, pinpointed these gargantuan transfers. Each transaction moved approximately two billion DOGE — 1,958,943,330 and 2,076,945,575 DOGE respectively, translating to $126,443,671 and $134,060,347 in fiat currency. These transactions, marked as anonymous, occurred roughly 14 hours prior to this report. While the actors behind these transfers remain unknown, the scale suggests potential reshuffling of crypto holdings by exchanges.
This significant shift coincides with another notable development in the DOGE landscape: the augmentation of DOGE holdings by popular trading platform Robinhood. Known for democratizing investment by allowing everyday people to trade stocks and cryptocurrencies, Robinhood holds crypto assets on behalf of its customers. Over the past weekend, the platform showed an increase of roughly 11% in its DOGE holdings.
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Robinhood’s total DOGE reserves, as per the latest data, have now swelled to a whopping 38,317,905,469 DOGE. This translates to an estimated worth of $2.58 billion, a sharp increase from its position just a month ago when it held a billion dollars’ worth of DOGE less. This substantial accumulation elevates Robinhood’s share in total DOGE holdings from 16.23% to 27.39%.
Amid these dynamics, the price of DOGE has also shown significant movement. At the time of writing, DOGE has risen by 2.44%, trading at $0.0651 per coin. This climb followed a brief dip below the $0.0650 level for the first time in the past five days. In line with this increased activity, CoinMarketCap data shows DOGE’s trading volume increasing by nearly 20% over the past 24 hours, to a total of $246 million.
These events underline the volatile and dynamic nature of the cryptocurrency landscape, with Dogecoin at the heart of the latest storm.
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