Large holders moved one billion Dogecoin (CRYPTO: DOGE) tokens worth $176 million in a series of transactions last week.
What Happened: According to data from Dogecoin Whale Alert, whales moved a total of 1 billion DOGE between Jan 5 and Jan 6. The wallet tracker reported more than 15 transactions – the volume of each transfer exceeded 4 million DOGE tokens.
The majority of transactions originated from a wallet associated with crypto trading platform Robinhood Markets Inc (NASDAQ:HOOD).
Fee: 2.00 ($0.34 USD)
— Ðogecoin Whale Alert (@DogeWhaleAlert) January 4, 2022
Dogecoin Whale Alert monitors Robinhood’s two known wallets that use eight known wallet addresses. Based on Dogecoin Whale Alert’s estimates, the retail-focused crypto brokerage platform manages 32.24% of DOGE’s existing circulating supply.
Essentially, this means Robinhood holds 42.7 billion DOGE tokens worth $6.5 billion on behalf of investors that use the trading platform.
However, Robinhood users still cannot directly take ownership the DOGE they have acquired on the platform – a hindrance Mark Cuban referred to as the “greatest inhibitor to its growth.”
Robinhood is working on making the much-needed functionality of crypto withdrawals on the platform a reality. As of October 2021, CEO Vlad Tenev confirmed that more than one million people had signed up for the crypto wallet waitlist.
Price Action: As of Monday morning, DOGE was trading at $0.1474, down 2.20% in the last 24 hours.
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