Whales Move 1B Dogecoin Worth $176M, Majority of Transactions Originate From Robinhood Wallet

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).

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.

Related Link: If You Had $1,000 Right Now, Would You Buy The Dip In Shiba Inu Or Dogecoin?

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